Hawaii Revised Statutes, Chapter 554 — Trusts and Trustees; Accounts

Division 3. Property; Family — Title 30. 30a

Hawaii Revised Statutes as published by the Hawaii State Legislature (files updated 1/5/2026 7:15 PM).

Division 3 Property; Family

Title 30 30a

Chapter 554 Trusts and Trustees; Accounts

§554-1 Vesting title to trust estates

In the case of the valid appointment or succession of any trustee to fill a vacancy in any trusteeship, whether the vacancy is caused by death, removal, or otherwise, any circuit court having jurisdiction over the subject matter of the trust, may make a vesting order which shall vest the legal title in and to the trust property situate in the State in the trustee so appointed or succeeding, subject to the trust, solely, unless there be a co-trustee or co-trustees in which case in the new trustee and the new trustee's co-trustee or co-trustees as the case may be jointly.

[L 1909, c 59, §1; RL 1925, §2474; RL 1935, §4711; RL 1945, §12571; RL 1955, §340-1; HRS §554-1; am L 1972, c 145, §3(a); gen ch 1985]

§554-2 Repealed

[Repealed]

[L 2021, c 32, §12]

§554-3 Trust estates, leases, investments, etc

Any circuit court having jurisdiction over a trust, on application of one or more of the trustees, and after such notice to those interested as is ordered by the court or provided by the rules of the court, may, if it appears to be for the benefit of the trust estate, authorize or direct the trustee or trustees to lease or extend the terms of leases of the real property for such periods as may be deemed advantageous to the estate; or to invest moneys of the trust estate in the purchase of real or personal property, or the constructing, improving, or repairing of buildings or other improvements on the land belonging to the trust estate, or in such other manner as the court deems to be most for the benefit of the trust estate and as best effecting the objects of the trust. Any lease or extension of lease made under such authority or direction shall continue in force for the full period so authorized notwithstanding the trust has terminated.

[L 1921, c 141, §1; RL 1925, §2464; am L 1929, c 92, §1; am L 1933, c 194, §1; RL 1935, §4712; RL 1945, §12573; RL 1955, §340-3; HRS §554-3; am L 1972, c 145, §3(c)]

§554-4 Repealed

[Repealed]

[L 2021, c 32, §13]

§554-5 Repealed

[Repealed]

[L 1973, c 200, §2]

§554-6 Investments

Every trustee, other than a trust company acting as such, except insofar as the terms of the instrument or words creating or defining the trust specifically provide otherwise, or unless it is otherwise ordered by the court, which order may be made on an ex parte hearing, shall invest the funds of the trust only in the investments authorized in the cases of trust companies acting as trustees under article 8 of chapter 412, and with respect to all investments and the security for the same every such trustee shall have and be subject to the same rights, powers, privileges, duties, obligations, and responsibilities as would apply to trust companies acting as trustees as to similar investments and the security for the same under article 8 of chapter 412. Nothing in this section shall be deemed to authorize any trustee other than a trust company to issue participation certificates or notes. Any investment made by any such trustee under order by the court made on an ex parte hearing or otherwise may be held during the life of the trust or lesser period unless the terms of the instrument or words creating or defining the trust or the terms of the order of the court or of any subsequent order of the court specifically provide otherwise.

[L Sp 1933, c 47, §1; RL 1935, §4715; am L 1941, c 154, §1; RL 1945, §12576; RL 1955, §340-6; HRS §554-6; am L 1976, c 200, pt of §1; am L 1993, c 350, §33]

§554-7 Assignee for creditors, instructions, and approval of accounts

A trustee or assignee for creditors has the same right, by application to a circuit court to request and receive instructions or to have the trustee's or assignee's accounts approved or be discharged from the trustee's or assignee's trust, as any other fiduciary, according to the usages and principles of courts of equity concerning trusts.

[L 1941, c 292, §1; RL 1945, §12577; RL 1955, §340-7; HRS §554-7; am L 1972, c 145, §3(d); gen ch 1985]

§554-8 Charitable trusts; expenses

In any proceedings, in any court, concerning a trust, which is wholly or partly charitable and in which the attorney general has been cited by the court or trustees as a necessary or proper party, the court having jurisdiction of such proceedings may require the payment of all reasonable and necessary expenses incurred by the attorney general for the protection of the beneficial interest in, or for the proper conduct of, such proceedings from the corpus or income, or both, of the trust estate, in such reasonable amounts as the court may order.

[L Sp 1941, c 16, §1; RL 1945, §12578; RL 1955, §340-8; HRS §554-8]

§554-9 Charitable trusts; leases

Trustees of a charitable trust may modify, suspend, or waive the enforcement of any provision of any lease or accept a surrender thereof if a leased land or any structure built thereon has been destroyed in part or in whole by any natural disaster, or the use of the land or the construction of any improvements thereon has been restricted or prohibited in any manner by law, ordinance, or regulation of any government agency due to natural disaster.

[L Sp 1960, c 8, §1; Supp, §340-9; HRS §554-9]

§554-10 Charitable trusts; administration

(a) In the administration of any trust that is a "private foundation", as defined in section 509 of the Code or to which section 4947 of the Code applies, the following shall be prohibited:

(1) Engaging in any act of "self-dealing", as defined in section 4941(d) of the Code;

(2) Retaining any "excess business holdings", as defined in section 4943(c) of the Code;

(3) Making any investments in a manner as to subject it to tax under section 4944 of the Code; and

(4) Making any "taxable expenditures", as defined in section 4945(d) of the Code;

provided that this subsection shall not apply to amounts of any trust to which section 4947(a)(2) of the Code applies, as described in the second sentence of section 4947(a)(2) of the Code, and paragraphs (2) and (3) shall not apply to any trust to which section 4947(a)(2) of the Code applies, as described in section 4947(b)(3) of the Code.

(b) In the administration of any trust which is a "private foundation" as defined in section 509 of the Code or a "charitable trust" as defined in section 4947(a)(1) of the Code, there shall be distributed, and the trustee or trustees shall be empowered and authorized to distribute, for the purposes specified in the trust instrument, such amounts at such time and in such manner as shall be required so as not to subject it to tax under section 4942 of the Code.

(c) Nothing in this section shall impair the rights and powers of the courts or the attorney general of this State with respect to any trust.

(d) References in this section to sections of the Code are to sections of the Internal Revenue Code of 1954, as heretofore amended, and shall include future amendments to such sections and corresponding provisions of future Internal Revenue laws.

[L 1971, c 136, §1; am L 2018, c 18, §42]