HOUSE OF REPRESENTATIVES H.B. NO. 1942 THIRTY-SECOND LEGISLATURE, 2024 H.D. 1 STATE OF HAWAII A BILL FOR AN ACT RELATING TO CORPORATIONS. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
HOUSE OF REPRESENTATIVES H.B. NO. 1942
THIRTY-SECOND LEGISLATURE, 2024 H.D. 1
STATE OF HAWAII
HOUSE OF REPRESENTATIVES
H.B. NO.
1942
THIRTY-SECOND LEGISLATURE, 2024
H.D. 1
STATE OF HAWAII
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.
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.
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.