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LEE v. HSBC BANK USA

No. 29744.

218 P.3d 775 (2009)

Steven D. LEE and KMK Holdings, LLC, Plaintiffs-Appellants, v. HSBC BANK USA, National Association as Trustee Under Pooling and Servicing Agreement Dated as of April 1, 2007 SG Mortgage Securities Trust 2007 NC1 Asset Backed Certificates, Series 2007 NC1, Defendants-Appellees, and John Does 1-10; Jane Does 1-10; Doe Corporations 1-10; Doe Partnerships 1-10; Doe Trusts 1-10; and Doe Entities 1-10, Defendants.

Supreme Court of Hawai`i.

November 5, 2009.

Attorney(s) appearing for the Case

Steven K.S. Chung and Chanelle M. Chung (of Steven Chung and Associates LLLC), Honolulu, on the briefs, for plaintiffs-appellants Steven D. Lee and KMK Holdings, LLC.

Paul Alston and J. Blaine Rogers (of Alston Hunt Floyd & Ing), Honolulu, on the briefs, for defendants-appellees HSBC Bank USA, National Association as Trustee under Pooling and Servicing Agreement Dated as of April 1, 2007 SG Mortgage Securities Trust 2007 NC1 Asset Backed Certificates, Series 2007 NC1.

MOON, C.J., NAKAYAMA, ACOBA, and DUFFY, JJ. and Intermediate Court of Appeals Judge FUJISE, assigned by Reason of Vacancy.

Opinion of the Court by DUFFY, J.

The United States District Court for the District of Hawai`i (District Court) certified the following question of law to the Hawai`i Supreme Court:

Where a mortgagor cures its default prior to a foreclosure proceeding pursuant to [Hawai`i Revised Statutes (HRS)] § 667-5, but an auction inadvertently goes forward, is a valid agreement created entitling the high bidder at the auction to lost profits?

Based on...

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