7 Guam Code Ann. § 50050
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Terms Used In 7 Guam Code Ann. § 50050
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
Petition. Inventory to be
Filed.
Filed.
Any debtor who, possessing sufficient property to cover all his debts, be it an individual person, an association, or corporation, foresees the impossibility of meeting them when they respectively fall due, may petition that he be declared by the court in the state of suspension of payments.
The debtor shall annex to his petition a schedule and inventory as set forth in § 50101, § 50102, and § 50103 of this Part, in addition to the statement of his assets and liabilities and the proposed agreement he requests of his creditors.
SOURCE: CCP § 1285.