§506-3  After-acquired real property and
fixtures.  The mortgage shall operate only as a contract between the
parties with respect to, and shall not create a lien upon real property or
fixtures acquired in any manner by the mortgagor subsequent to the execution of
the mortgage, if there are not described therein such real property, such
fixtures and the real property to which such fixtures are or will be affixed,
unless and until the mortgagor or the mortgagee, at the time of or subsequent
to the acquisition, executes and duly records in the bureau of conveyances an
instrument or affidavit containing a reference to the book and page or document
number where the mortgage is recorded and also a description of such real
property, such fixtures and the real property to which such fixtures are or
will be affixed sufficient to identify and locate the same, which description
of real property may be made by describing the deed or other instrument of
conveyance by which the real property was acquired or by describing the land by
metes and bounds. [L 1939, c 255, §3; RL 1945, §8874; RL 1955, §196-4; am L
1966, c 18, §5(d); HRS §506-3; am L 1989, c 47, §15]