4 Guam Code Ann. § 8147
Terms Used In 4 Guam Code Ann. § 8147
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) Unconditionally guaranteed as to principal and interest by another entity; or
(b) Secured by a first mortgage and by an unconditional assignment of lease payments by another entity; or
(c) Secured by a chattel mortgage or conditional sales contract and by an unconditional assignment of lease payments by another entity, and the face amount of the bonds or other evidence of indebtedness does not exceed eighty percent (80%) of the purchase price of the property securing the mortgage or contract; provided, however, that under Subsections (a), (b) and (c), the bonds or other evidences of indebtedness of the guarantor or lessor are authorized investments under §§ 8142 through 8159 inclusive.
SOURCE: GC § 4225.4, as amended by P.L. 13-056 (Sept. 22, 1975).
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COL 8/23/2023
4 Guam Code Ann. PUBLIC OFFICERS & EMPLOYEES
CH 8 RETIREMENT OF PUBLIC EMPLOYEES