The U.S. Supreme Court’s agreement to hear a complicated ceded lands case from Hawaii is undoubtedly sending tremors through every sector of Hawaii’s political and financial world.

The state attempted to sell certain parcels of ceded lands (former Crown and Hawaiian government lands held in trust by the state) in 1990 to a private developer. That effort was fought by the Office of Hawaiian Affairs, which argued no ceded lands should be alienated until any and all claims for the lands or their income is resolved.

The specific dispute ended when the lands in question were set aside for Hawaiian Homes, which led OHA to step aside. But the legal question remained: Does the state have a right to sell or otherwise alienate ceded lands when  claims and other disputes over  those lands remain unresolved?

In the past, ceded lands were sold off or transferred for other uses. That does not mean they should have been or that such a move would work under today’s political and legal climate.

No matter which way the Court rules, it will likely light a fire under efforts to achieve a total (or “global”) settlement to all ceded lands questions. If the Court says no-can-sell, then the pressure is on to resolve remaining issues. If the Court says can-sell, then the pressure is on to settle things before the best ceded lands are sold or otherwise transferred for other purposes.

Either way, the day when this important political, legal and moral question will be settled is fast approaching.