7 Guam Code Ann. § 50155
Terms Used In 7 Guam Code Ann. § 50155
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Personal property: All property that is not real property.
- Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
Debtor. Appointment of an Assignee or Receiver.
If the respondent shall make default, or if, after trial, the issues are found in favor of the petitioners, the court shall make an order adjudging that said respondent is, and was at the time of filing the petition, an insolvent debtor and that the debtor was guilty of the acts and things charged in the petition, or such of them as the court may find to be true; and shall require said debtor, within such time as the court may designate, not to exceed three (3) days, to file in court the schedule and inventory provided
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW
for in § 50101 and § 50102 of this Title, duly verified as required of a petitioning debtor; provided, that in the affidavit of the insolvent debtor, touching his property and its disposition, he shall not be required to swear that he has not made any fraudulent preference or committed any other act in conflict with the provisions of law; but he may do so if he desires.
The order shall further direct a commissioner, or the receiver, if one has been theretofore appointed, to take possession of and safely keep, until the appointment of an assignee, all the deeds, vouchers, books of accounts, papers, notes, bills, bonds, and securities of the debtor, and all his real and personal property, estate, and effects, except such as may be by law exempt from execution.
The order shall further forbid the payment to the debtor of any debts due to him, and the delivery to the debtor, or any person for him, of any property belonging to him, and the transfer of any property by him, and shall further appoint a time and place for a meeting of the creditors to choose an assignee of the estate. Said order shall be published as often as may be prescribed by the court.
The time appointed for the election of an assignee shall not be less than two (2) weeks nor more than three (3) months from the date of the order of adjudication. Upon the granting of the said order, all civil proceedings pending against the said insolvent shall be stayed. When an assignee is chosen as provided in this Chapter, the commissioner or receiver, if there be one, shall thereupon deliver to such assignee all the property, estate, and belongings of the insolvent, which have come into his possession, and he shall be allowed and paid as compensation for his services the same expenses and fees as would by law be collectible if the property had been levied upon and safely kept under attachment.
SOURCE: CCP § 1314.