18 Guam Code Ann. § 31304
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Terms Used In 18 Guam Code Ann. § 31304
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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.
In the cases mentioned in § 31302, the removal of the principal from Guam, leaving no property therein from which the obligation might be satisfied, is equivalent to the insolvency of the principal in its effect upon the rights and obligations of the guarantor.
SOURCE: CC § 2802.
NOTE: No 1970 Civil Code Ԥ 2803-2805 existed.
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ARTICLE 4
LIABILITY OF GUARANTORS