Bill Text: HI HB1942 | 2024 | Regular Session | Amended
Bill Title: Relating To Corporations.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2024-02-12 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Representative(s) Amato, Lowen, Nakashima, Quinlan, Todd excused (5). [HB1942 Detail]
Download: Hawaii-2024-HB1942-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1942 |
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THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO CORPORATIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 414, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§414- Real
property; dissolved corporations; escheatment to State. (a) Upon approval of the board of land and
natural resources, real property assets of a dissolved
corporation not transferred to a creditor, claimant, or shareholder of the
corporation shall escheat to the State if:
(1) Real property
taxes assessed by county real property tax ordinance against the land and any
improvements thereon have been unpaid for five years;
(2) Any state tax
liens, if the same are recorded in the bureau of conveyances as provided by
section 231-33, have been unpaid for five years; and
(3) The State shows
that reasonable efforts were made by the State to locate a creditor, claimant,
or shareholder of the dissolved corporation, and have been unsuccessful.
(b) In all cases where real property of a
dissolved corporation escheats to the State pursuant to subsection (a), the
attorney general shall proceed in accordance with section 665-1."
SECTION 2. Chapter 414D, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§414D- Real
property; dissolved corporations; escheatment to State. (a) Upon approval of the board of
land and natural resources, real property assets of a dissolved corporation not
transferred to a creditor, claimant, or shareholder of the corporation shall
escheat to the State if:
(1) Real property
taxes assessed by county real property tax ordinance against the land and any
improvements thereon have been unpaid for five years;
(2) Any state tax
liens, if the same are recorded in the bureau of conveyances as provided by
section 231-33, have been unpaid for five years; and
(3) The State shows
that reasonable efforts were made by the State to locate a creditor, claimant,
or shareholder of the dissolved corporation, and have been unsuccessful.
(b) In all cases where real property of a
dissolved corporation escheats to the State pursuant to subsection (a), the attorney
general shall proceed in accordance with section 665-1."
SECTION 3. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 3000.
Report Title:
BLNR; Real Property; Dissolved Corporations; Escheatment
Description:
Permits real property assets of a dissolved corporation to escheat to the State, upon approval of the Board of Land and Natural Resources, if the assets were not transferred to a creditor, claimant, or shareholder of the corporation; real property taxes and any state tax liens have remained unpaid for five years; and the State makes a showing that attempts to locate creditors, claimants, and shareholders of the dissolved corporation have been unsuccessful. Effective 7/1/3000. (HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
