Until the new condominium law, there was no formal statutory definition of a fiduciary duty. HRS §514B-106(a) now states:

In the performance of their duties, officers and members of the board shall owe the association a fiduciary duty and exercise the degree of care and loyalty required of an officer or director of a corporation organized under chapter 414D.

Chapter 414D is the Hawaii Nonprofit Corporation Act and it defines the duty of directors in Hawaii Revised Statutes §414D-149. A director must act:
  1. In good faith;
  2. With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
  3. In a manner the director reasonably believes to be in the best interests of the corporation.