[PART
II.]  ALTERNATE POWER OF SALE FORECLOSURE PROCESS



 



Law Journals and Reviews



 



  Hawai‘i 2000 Report Regarding Lawyers' Opinion Letters in
Mortgage Loan Transactions.  22 UH L. Rev. 347.



 



[§667-21]  Alternate power of sale process;
definitions.  (a)  The process in this part is an alternative power of sale
process to the foreclosure by action and the foreclosure by power of sale in
part I.



(b)  As used in this part:



"Borrower" means the borrower, maker,
cosigner, or guarantor under a mortgage agreement.



"Foreclosing mortgagee" means the
mortgagee that intends to conduct a power of sale foreclosure; provided that
the mortgagee is a federally insured bank, a federally insured savings and loan
association, a federally insured savings bank, a depository financial services
loan company, a nondepository financial services loan company, a credit union
insured by the National Credit Union Administration, a bank holding company, a
foreign lender as defined in section 207-11, or an institutional investor as defined
in section 454-1.



"Mailed" means to be sent by regular
mail, postage prepaid, and by certified, registered, or express mail, postage
prepaid and return receipt requested.



"Mortgage" means a mortgage, security
agreement, or other document under which property is mortgaged, encumbered,
pledged, or otherwise rendered subject to a lien for the purpose of securing
the payment of money or the performance of an obligation.



"Mortgage agreement" includes the
mortgage, the note or debt document, or any document amending any of the
foregoing.



"Mortgaged property" means the
property that is subject to the lien of the mortgage.



"Mortgagee" means the current holder
of record of the mortgagee's or the lender's interest under the mortgage, or
the current mortgagee's or lender's duly authorized agent.



"Mortgagor" means the mortgagor or
borrower named in the mortgage and, unless the context otherwise indicates,
includes the current owner of record of the mortgaged property whose interest
is subject to the mortgage.



"Open house" means a public showing
of the mortgaged property during a scheduled time period.



"Power of sale" or "power of
sale foreclosure" means a nonjudicial foreclosure under this part when the
mortgage contains, authorizes, permits, or provides for a power of sale, a
power of sale foreclosure, a power of sale remedy, or a nonjudicial
foreclosure.



"Property" means property (real,
personal, or mixed), an interest in property (including fee simple, leasehold,
life estate, reversionary interest, and any other estate under applicable law),
or other interests that can be subject to the lien of a mortgage.



"Record" or "recorded"
means a document is recorded or filed with the office of the assistant
registrar of the land court under chapter 501 or recorded with the registrar of
conveyances under chapter 502, or both, as applicable.



"Served" means to have service of the
notice of default made in accordance with the service of process or the service
of summons under the Hawaii rules of civil procedure, and under sections 634-35
and 634-36. [L 1998, c 122, pt of §1]



 



Rules of Court



 



  Service, see HRCP rules 4, 5.