13 Guam Code Ann. § 1209
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Terms Used In 13 Guam Code Ann. § 1209
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
An obligation may be issued as subordinated to payment of another obligation of the person obligated, or a creditor may subordinate his right to payment of an obligation by agreement with either the person obligated or another creditor of the person obligated. Such a subordination does not create a security interest as against either the common debtor or a subordi- nated creditor. This section shall be construed as declaring the law as it existed prior to the enactment of this section and not as modifying it.