Rules of Court Receivers, see HRCP rule 66. §412:2-400 Grounds for appointment of conservator or receiver. A conservator or receiver may be appointed to take possession and control of a Hawaii financial institution if such financial institution: (1) Is insolvent or has failed to correct an impairment of its capital and surplus as provided in […]
§412:2-401 Appointment of conservator or receiver; judicial review. (a) The commissioner may, without notice or prior hearing, appoint a conservator or receiver for a Hawaii financial institution by a written order setting forth the grounds for such appointment and any other conditions of the conservatorship or receivership as the commissioner deems appropriate, including without limitation […]
§412:2-402 Additional grounds for appointment. The commissioner may also appoint a conservator or receiver to take over the possession and control of any Hawaii financial institution: (1) Which consents to such appointment by an affirmative vote of a majority of its board of directors, or by a majority vote of its shareholders or members; or […]
§412:2-403 Who may serve as conservator or receiver. The commissioner, deputy commissioner, federal insurer of the Hawaii financial institution’s deposits or accounts or other qualified person may serve as a conservator or receiver. Except for the commissioner, deputy commissioner, or federal insurer, every conservator and receiver must consent in writing to serve in such capacity, […]
§412:2-404 Federal insurer as conservator or receiver; subrogation. (a) A federal insurer of the Hawaii financial institution’s deposits or accounts who serves as a conservator or receiver shall acquire both legal and equitable title to all assets, rights or claims and to all real or personal property of the institution, to the extent necessary to […]
§412:2-405 Removal or replacement of conservator or receiver. The commissioner may remove or replace a conservator or receiver other than a federal insurer effective upon notice thereof, and with or without cause. Such removal or replacement shall not subject either the commissioner or the court to any liability to the conservator or receiver. Such removal […]
§412:2-406 Compensation and expenses of conservator or receiver. All expenses of any conservatorship or receivership shall be paid out of the assets of the Hawaii financial institution and shall be a lien on the assets, which shall be prior to any other lien provided by this chapter or otherwise. Such expenses shall include without limitation, […]
§412:2-407 Stay of judicial proceedings. All non-criminal judicial proceedings to which the Hawaii financial institution in conservatorship or receivership, is a party at the time of the appointment of a conservator or receiver, including without limitation any action, hearing, judgment, execution, attachment, summons, discovery or deposition, shall be stayed automatically for a period of forty-five […]
§412:2-408 Duties and powers of conservator. (a) A conservator of a Hawaii financial institution shall observe the provisions of this part except to the extent preempted by applicable federal law. (b) Upon assuming office, the conservator may: (1) Immediately take possession of the assets of the Hawaii financial institution and operate the institution with all […]
§412:2-409 Conservator’s segregation of deposits. (a) In the commissioner’s discretion, the commissioner may order or permit a conservator to accept deposits, notwithstanding the insolvency of the Hawaii financial institution; provided, that such deposits so received shall not be subject to any limitation as to payment or withdrawal, shall be segregated and kept apart from prior […]
§412:2-410 Supervised reorganization. (a) The commissioner and, with the commissioner’s written approval, any conservator appointed pursuant to this part, may reorganize a Hawaii financial institution in conservatorship, provided that: (1) The reorganization will be accomplished under a plan which the commissioner finds is fair and equitable to all depositors, beneficiaries, creditors, and shareholders or members, […]
§412:2-411 Termination of conservatorship. The commissioner may terminate a conservatorship of a Hawaii financial institution whenever in the commissioner’s judgment such action would be prudent and in the public interest. A conservatorship may also be terminated by order of the circuit court. Upon such termination, the financial institution shall be returned to the possession and […]
§412:2-412 Duties and powers of receiver. (a) A receiver of a Hawaii financial institution shall observe the provisions of this part, except to the extent preempted by applicable federal law. (b) Upon assuming office, the receiver may: (1) Immediately take possession of the assets of the Hawaii financial institution with all the rights and powers […]
§412:2-413 No interest on deposits of an institution in receivership. Accrual of interest on any interest-bearing deposits in a Hawaii financial institution shall cease on the date of the appointment of a receiver. [L 1993, c 350, pt of §1]
§412:2-414 Optional court supervision. Upon petition of [the] receiver or the commissioner at any time, the circuit court shall supervise the receivership and such proceedings shall have priority over all other matters pending before the court and shall in every other way be expedited. In case of court supervision, all matters requiring approval of the […]
§412:2-415 Notice of receivership; filing of claims. (a) Upon commencement of the receivership, the receiver shall promptly give notice of the fact and purpose of the receivership in a form prescribed by the commissioner and directing depositors and creditors to file any claims they might have against the institution within four months after the first […]
§412:2-416 Liquidation by receiver; priority of claims. (a) The receiver shall collect and sell or otherwise dispose of all assets of the Hawaii financial institution. For such purposes, the receiver’s authority includes but is not limited to the right to sue and be sued in the name of the commissioner, the receiver, or the institution, […]
§412:2-417 Final accounting and discharge. When all the assets of the Hawaii financial institution have been collected and all available funds have been paid as provided in this part the receiver shall file with the commissioner or the court a request for the approval of a final accounting, which shall show the disposition of all […]
§412:2-418 Transfer of assets in contemplation of insolvency void. All transfers, assignments, and payments by any Hawaii financial institution made after or in contemplation of the institution’s insolvency shall be void if done with the intent to evade this chapter or to accord preference to any depositor or creditor over another. [L 1993, c 350, […]
§412:2-419 Treatment of lessors. (a) For a period of six months after appointment of a receiver, a lessor may not terminate any lease of personal or real property to the Hawaii financial institution as long as lease rent for the period following the receivership is paid on a timely basis, whether or not the lease […]
