Hawaii Along, also known as the Hawaiian Along, is a legal term used in real estate and lending transactions primarily in the state of Hawaii. It refers to an additional document that is attached to a promissory note or a mortgage note, allowing for the transfer of ownership or assigning the rights and obligations to another party. The Hawaii Along serves as an endorsement or an annex to the original note, providing clarity and legal documentation for the transfer process. This type of Along is unique to Hawaii and is often used when the original note needs to be transferred to a different entity, such as a bank, lending institution, or financial investor. The purpose of the Hawaii Along is to establish a clear chain of ownership, ensuring that the transfer of the note is legally recognized and enforceable. There are a few different types of Hawaii Along that can be used, depending on the specific circumstances of the transaction: 1. Full Recourse Along: This type of Along is commonly used when transferring promissory notes or mortgage notes. It ensures that the new holder of the note is entitled to repayment of the full amount owed by the borrower, including any interest, fees, or penalties that may be applicable. 2. Non-Recourse Along: In some cases, a Non-Recourse Along may be used to transfer the note, especially when it comes to commercial loans or certain types of mortgages. This type of Along limits the new holder's right to seek repayment solely to the collateral provided, such as the underlying property, preventing them from pursuing the borrower personally. 3. Substitution Along: A Substitution Along may be used when there is a need to substitute the original note holder with a new entity. This commonly occurs when a mortgage or a promissory note is sold on the secondary mortgage market, or when a loan is refinanced with a different lender. It is important to note that Hawaii Along is governed by specific legal requirements outlined under Hawaii Revised Statutes (HRS) sections 490:3-1101 to 490:3-1103. These statutes define the necessary terms and conditions for the validity and enforceability of an Along in Hawaii, ensuring compliance with state regulations. In summary, the Hawaii Along is a crucial legal document used in real estate and lending transactions within the state. It allows for the transfer of promissory notes or mortgage notes by providing a clear endorsement of the new holder's rights and responsibilities. Different types of Alleges, such as Full Recourse, Non-Recourse, and Substitution Alleges, may be used depending on the specific requirements of the transaction.
Hawaii Allonge
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A document attached to a promissory note or other negotiable instrument containing an indorsement that transfers the note or negotiable instrument over to a third party or bearer. The allonge must be firmly affixed to the note. An allonge is typically delivered to a successor lender when a loan is assigned.
The Seller may use an Allonge to endorse a Note if the following conditions are met: The Allonge is permanently affixed to the Note. The Allonge references the Borrower's name, the property address and the original principal balance of the Note. The form of the Allonge, and its use, complies with all applicable laws.
An allonge to promissory note is different from an assignment. An assignment in this context is what gives a party the legal designation and right to move forward with legal action on a property, whereas an allonge is an endorsement that allows you to collect on the promissory note.
The Seller may use an Allonge to endorse a Note if the following conditions are met: The Allonge is permanently affixed to the Note. The Allonge references the Borrower's name, the property address and the original principal balance of the Note.
An allonge is a sheet of paper that is attached to a negotiable instrument, such as a bill of exchange. Its purpose is to provide space for additional endorsements when there is no longer sufficient space on the original instrument. The word ?allonge? derives from the French word allonger, which means ?to lengthen."
The purpose of an allonge in most loan transactions is to transfer the negotiable instrument to the lender if there has been an event of default and the lender is enforcing its rights under the credit agreement.
Using an Allonge for the Endorsement The allonge must be permanently affixed to the related note and must clearly identify the note by referencing at least the name of the borrower(s), the date of the note, the amount of the note, and the address of the security property.