Lost, Stolen, Destroyed, Defaced Bonds and

HRS div. 1, tit. 6, ch. 47, pt. III

in effect

HRS §47-41 Request for replacement or payment

47-41. Request for replacement or payment Any party claiming ownership of a bond issued by a county or any interest coupon appertaining to any bond of that county and which bond, coupon, or both, as the case may be, has been lost, stolen, destroyed, wholly or in part, or so defaced as to impair its value, may file with the director of finance of that county a request for replacement or payment of the bond, coupon or both, as the case may be. The request shall be in the form of an affidavit describing the bond, coupon, or both, as the case may be, and explaining the circumstances under which the bond, coupon, or both, as the case may be, was lost, stolen, destroyed or defaced. The affidavit shall be presented with such evidence as the director of finance may require to establish the ownership of the bond, coupon, or both. [L 1989, c 80, pt of §2]

HRS §47-43 Payment to be made

47-43. Payment to be made If a lost, stolen, destroyed or defaced bond, coupon or both, as the case may be, has matured, has been called for redemption or is due, as the case may be, at the time of request for replacement of such bond, coupon or both, as the case may be, the director of finance may pay the face value of the matured bond or coupon or the call price of the called bond, as the case may be. [L 1989, c 80, pt of §2]

HRS §47-44 Issuance of transferable certificate

47-44. Issuance of transferable certificate If a lost, stolen, destroyed, wholly or in part, or defaced bond, coupon or both, as the case may be, will mature, will be called for redemption or will become due, as the case may be, within a period of one year from the date of request for replacement, the director of finance may issue to the claimant a transferable certificate for the face value of the bond, coupon or both, as the case may be, such certificate to be in such form as shall be prescribed by the director of finance. [L 1989, c 80, pt of §2]

HRS §47-45 Condition of replacement or payment

47-45. Condition of replacement or payment The director of finance shall not provide for the issuance of a replacement for or the payment of the lost, stolen, destroyed, wholly or in part, or defaced bond, coupon, or both, as the case may be, unless the claimant shall have executed and delivered to the director a legal and sufficient surety bond in an amount equal to the loss which may be suffered by the county, any transfer agent, paying agent, or registrar by reason of issuing replacements or making payments mentioned herein. Any such surety bond shall be in such form and with such sufficient surety or sureties as shall be satisfactory to the director of finance, and shall be conditioned to indemnify and save harmless the county, any transfer agent, paying agent, or registrar from any and all loss on account of the bond, coupon, or both, as the case may be, so claimed to have been lost, stolen, destroyed, or defaced. The duration of the surety bond shall be not less than the date upon which the bond, coupon, or both, as the case may be, being replaced or paid become due and payable, plus the period of the statute of limitations applicable to bonds and coupons. In the case of a partially destroyed or defaced bond, coupon, or both, as the case may be, the claimant shall surrender the partially destroyed or defaced bond, coupon, or both, as the case may be, at the time of delivery of the replacement therefor. All expenses necessary for the providing of any duplicate bond, coupon, or both, as the case may be, or any transferable certificate shall be borne by the claimant thereof, and the expenses shall be paid at the time the request for replacement is filed. [L 1989, c 80, pt of §2]

HRS §47-46 Disputed ownership

47-46. Disputed ownership If there are two or more claimants claiming adversely, each to the other or others, to be the owner in due course of a bond, coupon, or both, as the case may be, alleged to have been lost, stolen, destroyed, or defaced, the director of finance, in the director's discretion, may require the claimants, if not within the State, to appoint agents within the State to accept service of process, or otherwise to submit to the jurisdiction of the courts of the State, and may bring suit on behalf of the State in any circuit court against the claimants, by interpleader, for the determination of the claimant or claimants entitled to the payment of the bond, coupon, or both, as the case may be. Jurisdiction is hereby conferred upon the designated circuit court to hear and determine, without a jury, the suits and to determine whether any of the claimants is entitled to the payment, and, if so, which of the claimants is so entitled; provided that no such judicial determination shall dispense with the condition prescribed by section 47-45 requiring a surety bond before the payment of the claims. The cost of the suit shall be borne by the claimants and the court may decree the payment of such costs by any of the unsuccessful claimants, or the apportionments thereof, as may be deemed just. The decision of the court may be appealed to the intermediate appellate court, subject to chapter 602, in the manner provided for civil appeals from the circuit court. [L 1989, c 80, pt of §2; am L 2004, c 202, §6; am L 2006, c 94, §1; am L 2010, c 109, §1]

Source: Hawaii State Legislature (capitol.hawaii.gov), via Internet Archive capturesURL: http://www.capitol.hawaii.gov/hrscurrent/Vol02_Ch0046-0115/HRS0047/HRS_0047-.htmFetched: 11/10/2026