Haw. Rev. Stat. § 490:10-102

Current through the 2024 Legislative Session

Section 490:10-102 - Specific repealer; provision for transition

(1) The following acts and all other acts and parts of acts inconsistent herewith are hereby repealed:

Chapter 172, Part IV, Revised Laws of Hawaii 1955, The Uniform Stock Transfer Act (modified)

Chapter 187, Revised Laws of Hawaii 1955, Accounts Receivable; Assignment and Notice

Chapter 197, Revised Laws of Hawaii 1955, The Uniform Negotiable Instruments Act

Chapter 200, Revised Laws of Hawaii 1955, Sales of Merchandise in Bulk

Chapter 202, Revised Laws of Hawaii 1955, The Uniform Sales Act

Chapter 206, Revised Laws of Hawaii 1955, The Uniform Trust Receipts Act

Chapter 207, Revised Laws of Hawaii 1955, The Uniform Warehouse Receipts Act

Sections 178-93 and 178-95 to 178-99, Revised Laws of Hawaii 1955, pertaining to banks

Section 189-3, Revised Laws of Hawaii 1955, pertaining to the Uniform Fiduciaries Act

Sections 193-4 to 193-6, Revised Laws of Hawaii 1955, pertaining to liens

Sections 343-51 and 343-52, Revised Laws of Hawaii 1955, pertaining to chattel mortgages.

(2) Transactions validly entered into before January 1, 1967, and the rights, duties, and interests flowing from them remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by any statute or other law repealed, amended, or modified by this chapter as though such repeal, amendment, or modification had not occurred; provided that the perfection of a security interest, as defined in this chapter and however denominated in any law repealed, amended, or modified by this chapter:

(a) Which was perfected on January 1, 1967, by a filing or recording under a law repealed by this chapter and requiring a further filing or recording to continue its perfection, continues until and will lapse on the date provided by the law so repealed for such further filing or recording;

(b) Which was perfected on January 1, 1967, by a filing or recording under a law repealed by this chapter and requiring no further filing or recording to continue its perfection, continues until and will lapse twelve months after January 1, 1967;

(c) Which was perfected on January 1, 1967, without any filing or recording, and for the perfection of which the filing of a financing statement would be required if this chapter applied, continues until and will lapse twelve months after January 1, 1967; unless, in each case, a continuation statement is filed by the secured party before the perfection of the security interest would otherwise lapse. Any such continuation statement must be signed by the secured party, identify the security agreement, statement or notice, however denominated in any law repealed by this chapter, state the office where and the date when the last filing or recording was made with respect thereto, and the filing number, if any, or book and page, if any, of recording and further state that the security agreement, statement or notice, however denominated in any law repealed by this chapter, is still effective. Section 490:9-501 determines the proper place to file the continuation statement. Except as specified in this subsection, sections 490:9-515 and 490:9-522 apply to the continuation statement.

(3) Notwithstanding subsection (2):

(a) The perfection of a security interest, however denominated in any law repealed by this chapter, which was perfected on January 1, 1967 by a filing or recording under a law repealed by this chapter, and for the perfection of which, if this chapter applied, no filing of a financing statement would be required, continues under this chapter.

(b) A security interest, however denominated in any law repealed by this chapter, which was not perfected on January 1, 1967 but which could have been perfected before January 1, 1967 by a filing or recording under a law repealed, by this chapter, and which, if this chapter applied, could be perfected by the filing of a financing statement under this chapter, may be perfected by the filing of a financing statement in accordance with this chapter.

(c) A security interest, however denominated in any law repealed, amended or modified by this chapter, which was not perfected on January 1, 1967 but which could have been perfected before January 1, 1967 by the secured party's taking possession of the collateral under a law repealed, modified or amended by this chapter, and which, if this chapter applied, could be perfected by the secured party's taking possession of the collateral, may be perfected by the secured party's taking possession of the collateral in accordance with this chapter.

HRS § 490:10-102

L 1965, c 208, § 10-102; am L 1966, c 18, §2(1); HRS § 490:10-102; am L 2000, c 241, §28

Recordation, see § 502-31.5 .