Bill Text: HI SB3236 | 2024 | Regular Session | Amended
Bill Title: Relating To The Land Trust Act.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Passed) 2024-07-01 - Act 121, 06/28/2024 (Gov. Msg. No. 1222). [SB3236 Detail]
Download: Hawaii-2024-SB3236-Amended.html
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THE SENATE |
S.B. NO. |
3236 |
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THIRTY-SECOND LEGISLATURE, 2024 |
H.D. 1 |
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STATE OF HAWAII |
C.D. 1 |
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A BILL FOR AN ACT
RELATING TO THE LAND TRUST ACT.
BE IT
ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 558-7, Hawaii Revised Statutes, is amended to read as follows:
"[[]§558-7[]]
Personal property. In all
cases where the recorded instrument contains a provision defining and declaring
the interest of beneficiaries to be personal property only, the provision shall
be controlling for all purposes where the determination [shall become] becomes
an issue under the laws or in the courts of this State. If no personal property designation
appears in the recorded instrument, the interest of the beneficiaries shall be
real property."
SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date.
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 Statutory material to be repealed is bracketed and stricken.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.
Report Title:
Land Trust Act; Beneficial Designation
Description:
Clarifies that if no personal property designation appears in a recorded instrument, the interests of the beneficiaries shall be real property. (CD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
