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IN THE INTERMEDIATE COURT OF APPEALS OF THE STATE OF HAWAI#I ---o0o--COUNTRYWIDE FUNDING CORPORATION, Plaintiff/Counterclaim Defendant-Appellee, v. EUGENE S. BILOTTI, Defendant/Crossclaim Defendant-Appellant, ASSOCIATES FINANCIAL SERVICES COMPANY OF HAWAII, INC., Defendant/Counterclaimant Crossclaimant-Appellee, ROBIN B. BILOTTI, PEOPLES STATE BANK OF SHEPARD, TEXAS, JOHN DOES 2-50, Defendants/Crossclaim Defendants-Appellees, and HEIRS OR PERSONAL REPRESENTATIVES OF ROBIN B. BILOTTI, DECEASED, Identified Defendant JOHN DOE 1/Crossclaim Defendant-Appellee NO. 23493 APPEAL FROM THE CIRCUIT COURT OF THE SECOND CIRCUIT (Civ. No. 89-0440(2)) JANUARY 28, 2002 BURNS, C.J., WATANABE, AND FOLEY, JJ. OPINION OF THE COURT BY WATANABE, J. The issue in this appeal is whether Defendant-Appellant Eugene S. Bilotti (Eugene) is entitled to interest on the $27,500.00 he was awarded, pursuant to a divorce decree, from the surplus proceeds of a foreclosure sale of a residence he owned with his deceased ex-wife, Defendant-Appellee Robin B. Bilotti (Robin). The surplus proceeds, totaling $30,383.62, had been

deposited in an interest-bearing account, in accordance with a September 30, 1990 court order, and had grown to $41,193.85 by

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August 19, 1998, when Eugene filed a motion for an order releasing part of the surplus funds to him. We agree that Eugene was entitled to interest on the $27,500.00 amount. Accordingly, we vacate the Judgment entered

by the Circuit Court of the Second Circuit (the circuit court) on May 8, 2000, as well as those parts of the circuit court's orders upon which the Judgment1/ rested and which refused to grant Eugene interest, and remand for further proceedings consistent with this opinion. BACKGROUND On June 6, 1986, Eugene and Robin (collectively, the parties), who were then married, took out a $137,638.00 mortgage loan from The McDonough Financial Corporation to purchase a marital residence in K

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Hawaii Law