Bill Text: HI HB1942 | 2024 | Regular Session | Introduced
Bill Title: Relating To Corporations.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 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-Introduced.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
1942 |
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THIRTY-SECOND LEGISLATURE, 2024 |
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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) 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) 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 upon its approval.
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INTRODUCED BY: |
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Report Title:
Real Property; Dissolved Corporations; Escheatment
Description:
Permits real property assets of a dissolved corporation to escheat to the State if a creditor, claimant, or shareholder of the corporation cannot be found; 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.
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
