12 Guam Code Ann. § 14221
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Terms Used In 12 Guam Code Ann. § 14221
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
- Trustee: A person or institution holding and administering property in trust.
An indenture may provide that payment of the bonds and the interest thereon shall be secured by a pledge of and lien upon all or any portion of the revenues of the system. Any such pledge and lien shall be valid and binding from the time the pledge is made. The revenues pledged and thereafter received by the Authority or by any trustee, depository or custodian shall be deposited in the Guam Waterworks Authority Revenue Fund and shall be immediately subject to the lien of such pledge without any physical delivery thereof or further act, and the lien of such pledge shall be valid and binding against all parties having claims of any kind in tort, contract or otherwise against the Authority or such trustee, depository or custodian, irrespective of whether the parties have notice thereof. The indenture by which such pledge is created need not be recorded.
SOURCE: Added by P.L. 28-071:2 (Nov 3, 2005).