Terms Used In Hawaii Revised Statutes 508D-3

• Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Devise: To gift property by will.
• Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Residential real property: means fee simple or leasehold real property on which currently is situated:

  (1) From one to four dwelling units; or

  (2) A residential condominium or cooperative apartment, the primary use of which is occupancy as a residence. See Hawaii Revised Statutes 508D-1

• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.