5 Guam Code Ann. § 60304
Terms Used In 5 Guam Code Ann. § 60304
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Any loan in excess of Five Thousand Dollars ($5,000) shall be secured by duly recorded first mortgage upon any of the following property within the territory:
(1) Fee simple farmland.
(2) Leaseholds of farmland where the lease has an unexpired term of at least two (2) years longer than the term of loan.
(3) Crops, livestock and equipment. (4) Other chattels.
SOURCE: GC § 12010.3 added by P.L. 11-119. Amended by P.L. 20-
105:1 (1989).
NOTE: P.L. 20-105:3, an appropriation, also states, with regard to the
Fund:
In addition, the Fund shall consist of all moneys received from any person or organization as compensation for services rendered or facilities supplied, and all proceeds realized from the sale or other disposition of any equipment or supplies purchased with moneys from the Fund.