Terms Used In Hawaii Revised Statutes 514E-24

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Blanket lien: means any mortgage, deed of trust, option to purchase, master lease, vendor's lien or interest under a contract or agreement of sale, or any other lien or encumbrance that (i) affects more than one time share interest either directly or by reason of affecting an entire time share unit or the property upon which the time share unit to be used by the purchasers is located, and (ii) secures or evidences the obligation to pay money or to sell or convey the property and that authorizes, permits, or requires the foreclosure and sale or other defeasance of the property affected; provided that for the purpose of this chapter, the following shall not be considered blanket liens:

  (1) The lien of current real property taxes;

  (2) Taxes and assessments levied by public authority and that are not yet due and payable;

  (3) A lien for common expenses under chapter 514B or a lien on an individual time share unit for similar expenses in favor of a homeowners or community association;

  (4) An apartment lease or condominium conveyance document conveying or demising a single condominium unit or a lease of a single cooperative apartment; and

  (5) Any lien for costs or trustee's fees charged by a trustee holding title to time share units pursuant to a trust created under § 514E-19; provided that the costs or trustee's fees are not yet due and payable. See Hawaii Revised Statutes 514E-1

• Contract: A legal written agreement that becomes binding when signed.
• Developer: means any person that creates a time sharing plan or is in the business of selling time share units. See Hawaii Revised Statutes 514E-1
• Director: means the director of commerce and consumer affairs. See Hawaii Revised Statutes 514E-1
• 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}
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• Purchaser: means any person who has contracted to acquire a time share interest. See Hawaii Revised Statutes 514E-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Time share interest: means any interest in a time share unit or plan which entitles the owner or holder thereof to the use, occupancy or possession of a time share unit on a periodically recurring basis. See Hawaii Revised Statutes 514E-1
• Time share plan: means any plan or program in which the use, occupancy, or possession of one or more time share units circulates among various persons for less than a sixty-day period in any year, for any occupant. See Hawaii Revised Statutes 514E-1
• Trustee: A person or institution holding and administering property in trust.