7 Guam Code Ann. § 50300
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Terms Used In 7 Guam Code Ann. § 50300
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
A partnership, during the continuation of the partnership business, or during its dissolution until final settlement thereof, may be adjudged insolvent, either upon the petition of the partners, or any one of them, or upon petition of two or more creditors of the partnership qualified as provided in § 50150 of this Chapter. The court shall issue an order appointing a receiver therefor and rendering the property of the partnership and the separate property of each of the partners liable in accordance with the provisions of this Chapter and in accordance with the provisions of the Civil Code.
SOURCE: CCP § 1345.
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW