14 Guam Code Ann. § 2410
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Terms Used In 14 Guam Code Ann. § 2410
- 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
seller or lessor may not take an assignment or earnings of the buyer or lessee as security for payment of a debt arising out of a consumer credit sale or a consumer lease. If goods or services are given as consideration for a sale of unpaid earnings, the transaction is deemed to be a credit sale of the goods or services secured by an assignment of earnings. An assignment of earnings in violation of this section is void.