HONOLULU FEDERAL SAV. AND LOAN ASS'N v. PAO

Nos. 8304, 8406.

668 P.2d 50 (1983)

HONOLULU FEDERAL SAVINGS AND LOAN ASSOCIATION, a federal savings and loan association, Plaintiff-Appellee, v. Nicholas R. PAO, Mabel Pao, Leonard F. Calistro, and Catherine Calistro, Defendants-Appellees, Hawaii Thrift & Loan, Incorporated, a Hawaii corporation, and Amfac Financial Corp., a Hawaii corporation, Defendants, and Maikailoa Ventures, Purchaser-Appellant.

Intermediate Court of Appeals of Hawaii.

August 17, 1983.


Attorney(s) appearing for the Case

John R. Lacy, Honolulu (Goodsill Anderson & Quinn, Honolulu, of counsel), for purchaser-appellant.

Brian P. Aburano, Honolulu (William H. Gilardy, Jr. and Michiro Iwanaga, Honolulu, on the brief; Burke, Ashford, Sakai, McPheeters, Bordner & Gilardy, Honolulu, of counsel), for plaintiff-appellee.

V. Spencer Page, Honolulu, for defendants-appellees Nicholas R. Pao, Mabel Pao, Leonard F. Calistro, and Catherine Calistro.

Before BURNS, C.J., and HEEN and TANAKA, JJ.


TANAKA, Judge.

Maikailoa Ventures (MV), a Hawaii general partnership, the purchaser at a mortgage foreclosure sale, appeals the lower court's order denying its motion to rescind the sale and forfeiting its $100,000 partial payment of the purchase price. We affirm.

The issues on appeal are (1) whether the lower court erred in holding that MV waived its right to rescind and agreed to the forfeiture and (2) whether the lower court abused its discretion in decreeing...

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