Section 15-301-18 - Default of loan The occurrence of any of the following events shall be sufficient grounds for the corporation, at its option, to treat the loan to be in default:
(1) The property described in the mortgage or security agreement is conveyed or transferred; provided, however, that a transfer of title will be permitted if it appears to the satisfaction of the corporation that the transfer was effected for estate planning purposes and the corporation's security interest is unaffected by the transfer;(2) The eligible leaseholder fails to comply with any agreement executed for the purpose of securing the loan; or(3) The corporation determines that any statement made by the eligible leaseholder in the loan application or loan document is false or fraudulent. [Eff September 17 2007] (Auth: HRS § 201H-81) (Imp: HRS § 201H-81)