11 Guam Code Ann. § 130103
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Terms Used In 11 Guam Code Ann. § 130103
- Deed: The legal instrument used to transfer title in real property from one person to another.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
y association may purchase at any sale, public or private, any real or personal property upon which it may have a mortgage, judgment, trust deed, pledge, lien or other encumbrance, or in which it may have an interest, and may acquire any real or personal property which may be conveyed or transferred to it in full or partial satisfaction, discharge or release of loans for which such property is security. Any association may sell, convey, lease, exchange, improve, repair, mortgage, convey in trust, pledge or encumber any real or personal property purchased or acquired by it in the manner authorized or permitted by this section; provided, however, that except with the consent of the commissioner, no association shall mortgage, convey in trust, pledge, or encumber any property owned by it and used primarily as the principal office or branch of such association; and provided further, that, except with the consent of the commissioner, no association shall (a) exchange any real property owned by it for any property other than investments expressly permitted by Section 130102 of this act, or real property, nor (b) mortgage, convey in trust or encumber any real property owned by it nor (c) assume the payment of any mortgage or deed of trust upon any real property received by it in any such exchange.
SOURCE: GC §41452.