§449-16.5 Earnings on funds. In all escrow agreements involving the purchase of real property or appurtenances thereon and in which an escrow depository acts as a fiduciary party holding the funds in escrow, any earnings on such funds during the holding thereof shall accrue to the credit of the purchaser in such transaction unless otherwise instructed in writing by the purchasers and sellers in the escrow. [L 1974, c 95, §2; am L 2001, c 184, §6]
Case Notes
Interest accrues only where funds are in hands of a third party and not where payment is made to the seller. 60 H. 467, 591 P.2d 1060 (1979).
Structure Hawaii Revised Statutes
Title 25. Professions and Occupations
449-1.6 Name of escrow depository.
449-1.7 Indicia of escrow depository prohibited.
449-1.8 Confidential portion of application or records.
449-1.9 Powers of commissioner
449-3 Excepted from this chapter.
449-5 License required to act as escrow depository.
449-6 Application for license.
449-7 Investigation and ruling.
449-7.5 Licensing requirements.
449-8 Issuance and renewal of license.
449-8.6 Sale or transfer of license or change in control.
449-9 Escrow depository's bond.
449-11 Fidelity bonds; insurance or other security devices.
449-12 Errors and omissions insurance or other security devices.
449-13 Cancellation of bonds or insurance; withdrawal of deposits.
449-16 Accounting for moneys, property, etc.
449-17 Revocation and suspension of licenses.
449-20.5 Closing branch office.
449-21 Maintenance of books and records.