7 Guam Code Ann. § 50207
Terms Used In 7 Guam Code Ann. § 50207
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- Counterclaim: A claim that a defendant makes against a plaintiff.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
1. To sue and recover all the estate, assets, debts, and claims, belonging to or due to such debtor; and no set-off or counterclaim shall be allowed in any such suit for debts contracted by the insolvent within thirty (30) days immediately preceding the filing of the petition of insolvency except in case of creditors specified in § 50252 of this Chapter.
2. To take into his possession all the estate of such debtor, except property exempt by law from execution, whether attached or delivered to him, or afterwards discovered, and all books, vouchers, evidence of indebtedness, and securities belonging to him.
3. In case of a nonresident or absconding or concealed debtor, to demand and receive of every commissioner who shall have attached any of the property of such debtor, or who shall have in his possession any moneys arising from the sale of such property and moneys, on paying his lawful costs and charges for attaching and keeping them.
4. From time to time to sell at public auction after advertisement in the manner provided by subsections 1, 2, and 3 of § 23113 of this Title, upon order of the court, any of the estate, real and personal, which has come into his possession and which is vested in him as such assignee, and on such sales to execute the necessary conveyances and bills of sale.
5. To redeem all valid mortgages and conditional contracts, and all valid pledges of personal property, and to satisfy any judgments which may be an encumbrance on any property sold by him or to sell such property, subject to such mortgage, contract, pledges, judgments, or liens.
6. To settle all matters and accounts between such debtor and his debtors, subject to the approval of the court.
7. Under the order of the court or judge appointing him, to compound with any person indebted to such debtor, and thereupon discharge all demands against such persons.
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW
8. To recover from any person receiving a conveyance, gift, transfer, payment, or assignment, made contrary to any provision of this Title, the property thereby transferred or assigned; or in case a redelivery of the property cannot be had, to recover the value thereof, with damages for the detention.
SOURCE: CCP § 1326.