If time share units are required to be conveyed to a trustee pursuant to § 514E-19, the trust instrument must provide for at least the following:

(1) Title to the time share units must be transferred to the trustee before the purchaser‘s funds are disbursed by the escrow agent.
contract signature

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Terms Used In Hawaii Revised Statutes 514E-22

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Association: means the time share owners association. See Hawaii Revised Statutes 514E-1
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Owner: means any person who owns a time share interest; provided, however, that to the extent and for such purposes as are provided in any agreement of sale, the vendee under such agreement of sale shall be considered the owner of the time share interest. See Hawaii Revised Statutes 514E-1
  • Purchaser: means any person who has contracted to acquire a time share interest. See Hawaii Revised Statutes 514E-1
  • Trustee: A person or institution holding and administering property in trust.
(2) The trustee shall not convey or transfer the time share units except for any units with respect to which no owner has any further right of occupancy or as permitted in § 514E-26.
(3) The trustee shall be prohibited from encumbering the time share units unless the director shall consent thereto. Such consent shall be given if the trust shall meet all of the requirements of § 514E-24 or all requirements of one of the alternative provisions in § 514E-19 are then satisfied.
(4) The association on behalf of the owners must expressly be made a third party beneficiary of the trust.
(5) Notice of the intention of the trustee to resign must be given to the director at least ninety days before the resignation takes effect.
(6) No amendment of the trust instrument adversely affecting the interests or rights of owners may be made without the written approval of the association.
(7) Any other provisions required by the director as provided by rules adopted pursuant to chapter 91.

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