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Terms Used In 15 Guam Code Ann. § 2353

  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Personal property: All property that is not real property.
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
the sale of real property of the estate is made upon a credit, the personal representative must take the note or notes of the purchaser for the unpaid portion of the purchase money, with a mortgage on the property to secure their payment, which mortgage shall be subject only to

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15 Guam Code Ann. ESTATES AND PROBATE
CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

encumbrances existing at date of sale and such other encumbrances as the Superior Court of Guam shall approve. Where property sold by a personal representative for part cash and part deferred payments consists of an undivided interest in real or personal property or any other interest therein less than entire ownership, and the owner or owners of the remaining interests therein join in such sale, the note and mortgage may be made to the personal representative and such others having an interest in such property. The interest of the personal representative in such note and mortgage shall be in the same tenancy and in the same proportions as the estate’s interest in the property prior to the sale.

SOURCE: California Probate Code, § 787 (as amended).

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