21 Guam Code Ann. § 47302
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Terms Used In 21 Guam Code Ann. § 47302
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
Any deposit made in connection with the purchase or reservation of a time-share interval from a developer must be placed in escrow and held in this Territory in an account designated solely for the purpose, in an institution whose accounts are insured by a governmental agency or instrumentality until (a) delivered to the developer at the expiration of the time for rescission or any later time specified in any contract of sale; (b) delivered to the developer because of the purchaser’s default under a contract to purchase the time-share interval; or (c) refunded to the purchaser.