18 Guam Code Ann. § 31302
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Terms Used In 18 Guam Code Ann. § 31302
- 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.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 31 GUARANTY
A guaranty to the effect that an obligation is good, or is collectible, imports that the debtor is solvent, and that the demand is collectible by the usual legal proceedings, if taken with reasonable diligence.
SOURCE: CC § 2800.