Terms Used In 11 Guam Code Ann. § 141115

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
the event the assets of any insured association are liquidated for an amount in excess of the amount required to pay all claims of investment certificates, share or account holders and other liabilities of such, association, including the cost of liquidation, the Federal Savings and Loan Insurance Corporation shall be entitled to be reimbursed from such excess for the reasonable cost of the money disbursed by said Corporation in connection with the payment of insurance to the holders of investment certificates, shares or accounts in such association.
SOURCE: GC §41664.

§ 141116. Disposition of Unpaid or Unclaimed Dividends and of
Records.
In making its order approving the commissioner’s final statement of the liquidation of an association, the court shall determine the amounts of

COL120106
11 Guam Code Ann.FINANCE & TAXATION
CH. 141 SAVINGS AND LOAN COMMISSIONER

the liquidating dividends to which claimants and investors are entitled but which then remain unpaid or unclaimed in the hands of the commissioner. The order of the court shall direct the commissioner to deposit such amounts with the Treasurer of Guam, and all amounts so deposited shall be deemed to be deposited in the Treasury of Guam under the provisions of Chapter 24, Title 7, Guam Code Annotated, and shall be subject to claim or other disposition as provided in said Title 10.

The order of the court approving the final statement shall provide for the destruction or other disposition of the books and records of the association or pertaining to the liquidation of the association, and the court may declare the association dissolved as a corporation.
SOURCE: GC §41665.

  Previous section
Next section  
 Chapter 141 Contents