§501-158 Notice of bankruptcy proceedings. Whenever a petition in bankruptcy which contains or has indorsed upon it a reference to the number of the certificate of title of the land affected is filed or recorded within the State by or against the owner of registered land, the assistant registrar of the land court shall note the fact by the entry of an appropriate memorandum on the owner's certificate in the registration book. Thereafter, except where the owner's interest in the land cannot be affected by the bankruptcy proceedings, no conveyance by the owner respecting the registered land shall be accepted for registration unless the conveyance recites that it is made subject to the rights of the trustee in bankruptcy. A trustee in bankruptcy is entitled to the entry of a new certificate for the registered land upon presenting and filing or recording a certified copy of either the petition in bankruptcy (the schedules may be omitted), or the decree of adjudication of bankruptcy, or the order approving the trustee's bond; provided that the instrument contains or has indorsed upon it a reference to the number of the certificate of title of the land affected. The new certificate shall state that it is entered to the trustee in bankruptcy. [L 1903, c 56, §88; RL 1925, §3277; RL 1935, §5085; RL 1945, §12685; am L 1949, c 313, §1; RL 1955, §342-85; HRS §501-158; gen ch 1985; am L 1986, c 246, §20; am L 1988, c 346, §18]
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