HI HB2612

Amends Section 506-1 of Hawaii Revised Statutes to add a new provision clarifying that a mortgage cannot exist independently of the debt it secures and cannot be enforced separately from that debt.

Maintains existing law that transfers of interest in real property made as security are deemed mortgages and create liens only as security, not passing title.

Preserves rules on mortgage priority for future advances, where mortgages securing future advances up to a stated maximum remain superior to subsequently recorded encumbrances.

Makes a minor technical change replacing "prior to" with "before" in existing statutory language.

Effective date set for July 1, 3000.