13 Guam Code Ann. § 9314
Terms Used In 13 Guam Code Ann. § 9314
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
(2) A security interest which attaches to goods after they become part of a whole is valid against all persons subsequently acquiring interests in the whole except as stated in subdivision (3) but is invalid against any person with an interest in the whole at the time the security interest attaches to the goods who has not in writing consented to the security interest or disclaimed an interest in the goods as part of the whole.
(3) The security interests described in subdivision (1) and (2) do not take priority over
(a) A subsequent purchaser for value of any interest in the whole; or
(b) A creditor with a lien on the whole subsequently obtained by judicial proceedings; or
(c) A creditor with a prior perfected security interest in the whole to the extent that he makes subsequent advances if the subsequent purchase is made, the lien by judicial proceedings obtained or the subsequent advance under the prior perfected security interest is made or contracted for without knowledge of the security interest and before it is perfected. A purchaser of the whole at a foreclosure sale other than the holder of a perfected security interest purchasing at his own foreclosure sale is a subsequent pur- chaser within this section.
(4) When under subdivision (1) or (2) and (3) a secured party has an interest in accessions which has priority over the claims of all persons who have interests in the whole, he may on default subject to the provisions of Chapter 5 remove his collateral from the whole but he must reimburse any encumbrance or owner of the whole who is not the debtor
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13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 9 SECURED TRANSACTIONS; SALES OF ACCOUNTS AND CHATTEL PAPER
and who has not otherwise agreed for the cost of repair of any physical injury but not for any diminution in value of the whole caused by the absence of the goods removed or by any necessity for replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate security for the performance of this obligation.