Bill Text: HI HB1661 | 2011 | Regular Session | Introduced

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Bill Title: Negotiable Instruments; Holder Definition

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-28 - (H) Referred to CPC/JUD, referral sheet 3 [HB1661 Detail]

Download: Hawaii-2011-HB1661-Introduced.html

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HOUSE OF REPRESENTATIVES	H.B. NO.	1661
TWENTY-SIXTH LEGISLATURE, 2011
STATE OF HAWAII

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  Statutory material to be repealed is bracketed and stricken.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.

 

INTRODUCED BY:	_____________________________

 

 

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.

 

 

 

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