Hawaii § 322-33 - Foreclosure.

§ 322-33. Foreclosure.

The lien may be foreclosed at any time after six months and within five years from the date of the recording required by section 322-32 by suit in equity or without suit by public sale by the comptroller in the name of the State. Foreclosure by public sale shall be preceded by the publication of a notice, setting forth the time and place of the sale, the amount of the lien, and a brief description of the land, for at least six times, in a weekly paper published in the county where the land is situated. The land shall be offered for sale at public auction at an upset price equal to the amount of the lien, and the cost of all advertising and other costs incurred, and if no higher price is bid, shall be declared sold to the State, which in such case shall be deemed to be the purchaser at the upset price. The sale shall be effectual to convey the title to the purchaser, and a conveyance of the land to the purchaser may be executed in the name of the State by the comptroller. Only the balance of the purchase price, after deducting the amount of the lien and costs, or, in case there is no balance or an insufficient balance, only an amount equal to the value of the land as last previously assessed for taxation, shall be subject to claims against the State. In case the State is the purchaser, the amount of the assessed value shall be payable out of any funds provided therefor, and the land may be sold at any time thereafter at public auction, after due notice, at an upset price equal to the value of the land as determined by one or more, but not more than three disinterested appraisers appointed by the comptroller, and the proceeds of the sale turned into the fund provided therefor. In case of uncertainty as to the person to whom the balance or assessed value should be paid or its apportionment among two or more persons, it may be deposited in the circuit court for the benefit of whom it may concern. [L 1896, c 61, §9; am L 1911, c 112, §10; am L 1915, c 149, §1; RL 1925, §987; RL 1935, §1337; RL 1945, §2728; am L 1953, c 210, §1; RL 1955, §47-32; am L Sp 1959 2d, c 1, §12; HRS §322-33] Rules of Court As to one form of action, see HRCP rules 1, 2, 81(i). Previous Vol06_Ch0321-0344 Next