security interest in any vessel registered under this Chapter, irrespective of whether such registration was effected prior or subsequent to the execution of this security agreement, is not valid as against creditors or subsequent purchasers or encumbrances until the secured party or his successor or a assignee, has deposited with the Guam Police Department a copy of such security agreement with an attached certificate of a notary public stating that the same is a true and correct copy of the original, accompanied by a properly endorsed certificate of ownership to the vessel described in the security agreement that the vessel has been registered under this Chapter, or if a vessel is not so registered, by application and usual form for an original certificate of ownership, together with an application for certificate of ownership as legal owner, and upon payment of the fee as provided in this Chapter. The Department in accepting the security agreement for deposit, or in registering the secured party, his successor or his assignee as legal owner, shall not be required to examine the security agreement or determine the genuineness, regularity or legal sufficiency thereof.
SOURCE: GC § 8995.12, as added by P.L. 15-54.

10 Guam Code Ann. HEALTH AND SAFETY
CH. 69 BOATING