§412:2-419  Treatment of lessors.  (a) For a period of six months after appointment of a receiver, a lessor may notterminate any lease of personal or real property to the Hawaii financialinstitution as long as lease rent for the period following the receivership ispaid on a timely basis, whether or not the lease has suffered a prior default.

(b)  Within six months after initialappointment, the receiver may assume or reject any unexpired lease, and if notassumed within such time the lease shall be deemed to have been rejected;provided, however, that in order to assume any lease:

(1)  The unexpired lease term must be at least thirtydays at the time of the assumption;

(2)  Any prior default must be cured, or the receivermust provide adequate assurance that such default will be promptly cured;

(3)  The receiver must provide adequate compensationto any party other than the financial institution for any actual pecuniary lossresulting to such party from such default; and

(4)  The receiver must provide adequate assurance tothe lessor of future performance under the lease.

(c)  The lessor of a lease rejected under thissection shall have a claim against the Hawaii financial institution inreceivership for damages resulting from the rejection in an amount which maynot exceed the unpaid rent owed under the lease, without acceleration, for asix-month period.

(d)  Rejection of a lease under this sectionshall not result in the termination of the lease with respect to the interestof any mortgagee or other person having an interest in the lease other than theHawaii financial institution. [L 1993, c 350, pt of §1]