12 Guam Code Ann. § 4215
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Terms Used In 12 Guam Code Ann. § 4215
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
If it is necessary to encourage participation in the program by Financial Institutions, the Corporation may enter cooperative programs to obtain mortgage risk insurance or guarantee loans against losses as a result of default and subsequent foreclosure.
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ARTICLE 3
GOVERNMENT PARTICIPATION LOAN ACT SOURCE: This entire Article was added by P.L. 21-99:3.