§514E-26 Termination of a trust. (a) In the case of a time share use plan, the trust for the time share units shall be irrevocable during the time that any owner of a time share interest has a right to the occupancy of a time share unit, except as provided in subsection (c). (b) In a time share ownership plan, the trust for a time share unit shall be irrevocable until all blanket liens are extinguished, except as provided in subsection (c). (c) The developer may elect to terminate the use of a trust for a time share unit if, at a later date[:] (1) The trustee records a notice of time share plan after the recording of either: (A) Nondisturbance agreements executed by every lienholder who has a blanket lien against the time share unit, or (B) The director's acceptance of a surety bond or irrevocable letter of credit for that unit; or (2) The director approves alternative arrangements [that] permit the termination of the trust. [L 1982, c 186, §14]
Hawaii Legal Code