Hawaii HB2612 amends the lien of mortgages on real property and fixtures to clarify their security status and priority.

Hawaii HB2612 amends Section 506-1 of the Hawaii Revised Statutes to redefine the lien of mortgages on real property or fixtures. It specifies that such transfers are deemed mortgages and create a lien only as security for the obligation, not passing title. The bill also clarifies that a mortgage can secure past debt, debt at the time of execution, or future advances up to a stated maximum amount, with priority over subsequent mortgages unless they are for real property taxes or public improvements.

Hawaii HB2612 amends the lien of mortgages on real property and fixtures to clarify their security status and priority.

Hawaii HB2612 amends Section 506-1 of the Hawaii Revised Statutes to redefine the lien of mortgages on real property or fixtures. It specifies that such transfers are deemed mortgages and create a lien only as security for the obligation, not passing title. The bill also clarifies that a mortgage can secure past debt, debt at the time of execution, or future advances up to a stated maximum amount, with priority over subsequent mortgages unless they are for real property taxes or public improvements.