What happens to a liquor license if the owner goes bankrupt, dies, or loses the property?

If a licensee becomes a legally adjudicated bankrupt, or makes an assignment for the benefit of the licensee's creditors, or dies, before the expiration of the term of the licensee's license, the licensee's trustee in bankruptcy, assignee, or personal representative, as the case may be, may, with the consent of the liquor commission, continue to exercise the license for the purpose of closing the affairs of the estate; but if not so continued within forty-five days the commission shall cancel the license. If a mortgage on the premises covered by a license is foreclosed before the expiration of the term of the license, the mortgagee, or the mortgagee's authorized representative or a duly appointed commissioner of sale may, with the consent of the commission, continue to exercise the license or continue it in effect for the purpose of completing a sale of the premises under the foreclosure proceedings. Notwithstanding any rule or regulation of the commission to the contrary, the payment of any renewal fee for a license issued for the premises involved in foreclosure proceedings or additional fee accrued on the basis of gross sales made under such a license may be withheld until sale of the premises has been completed. [L Sp 1933, c 40, §58; RL 1935, §2627; RL 1945, §7279; RL 1955, §159-94; am L 1959, c 207, §1; HRS §281-95; am L 1976, c 87, §6 and c 200, pt of §1; gen ch 1985]