§667-10 - Power unaffected by transfer; surplus after sale. - Hawaii Statutes

     §667-10  Power unaffected by transfer; surplus after sale.  No sale or transfer by the mortgagor shall impair or annul any right or power of attorney given in the mortgage to the mortgagee to sell or transfer the mortgaged property, as attorney or agent of the mortgagor, except as otherwise provided by chapters 501 and 502.  When public sale is made of the mortgaged property under this chapter, the remainder of the proceeds, if any, shall be paid over to the owner of the mortgaged property, after deducting the amount of claim and all expenses attending the same. [L 1874, c 33, §4; RL 1925, §2883; RL 1935, §4728; RL 1945, §12428; RL 1955, §336-9; HRS §667-10; am L 1972, c 90, §9(i), (j)]

 

Case Notes

 

  Surplus:  Upon foreclosure sale after death of mortgagor surplus goes to administrator if required to pay debts.  17 H. 453 (prior to enactment of §531-14).  Mortgagor can recover surplus from first mortgagee when second mortgagee not a party to the action.  18 H. 352.

  Owner of mortgaged property had right to surplus proceeds.  71 H. 204, 787 P.2d 674.