HRS §514E-26
When a timeshare trust can be ended
This section says when a trust for a timeshare unit can be ended. In most cases, the trust cannot be ended while owners still have rights to use the unit. The developer can end the trust only in certain special situations, like when all lienholders agree or the director approves an alternative plan.
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The statute, as written — 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.
LawTrove is not legal advice. The summary above is a computer-generated restatement — the authoritative text is the official version linked above.