Bill Text: HI HB1661 | 2012 | Regular Session | Introduced
Bill Title: Negotiable Instruments; Holder Definition
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-12-01 - Carried over to 2012 Regular Session. [HB1661 Detail]
Download: Hawaii-2012-HB1661-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1661 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to NEGOTIABLE INSTRUMENTS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Negotiable instruments have been abused, endorsed in bank, lost, or not timely assigned to trusts; and where negotiable instruments are not recorded for public records, an electronic copy is sufficient evidence that the person holding a "copy" is the actual holder. Advanced printing technology can make copies that are almost perfect where only a forensics examiner can tell the difference. Digital system copies are not reliable sources of actual ownership.
SECTION 2. Section 490:1-201, Hawaii Revised Statutes, is amended by amending the definition of "holder" to read as follows:
""Holder" means:
(1) The person in possession of a negotiable instrument that is payable either to bearer or to an identified person that is the person in possession; or
(2) The person in possession of a negotiable tangible
document of title if the goods are deliverable either to bearer or to the order
of the person in possession[; or].
[(3) The person in control of a negotiable
electronic document of title.]"
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Negotiable Instruments; Holder Definition
Description:
Amends the definition of holder to exclude the person in control of a negotiable electronic document of title.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
