18 Guam Code Ann. § 32401
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Terms Used In 18 Guam Code Ann. § 32401
- 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.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
A creditor is entitled to the benefit of everything which a surety has received from the debtor by way of security for the performance of the obligation, and may, upon the maturity of the obligation, compel the application of such security to its satisfaction.
SOURCE: CC § 2854.
NOTE: No 1970 Civil Code Ԥ 2855-2857 existed.
Article V of Chapter II of Title XIII of the Civil Code of Guam, Letters of Credit, [Ԥ 2858-2866] was repealed by P.L. 13-15. The law on Letters of Credit is now found in the Uniform Commercial Code, Title 13 of the Guam Code Annotated.
No 1970 Civil Code Ԥ 2867-2871 existed.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
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