Terms Used In 11 Guam Code Ann. § 14114

  • 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.
e Federal Saving. and Loan Insurance Corporation is hereby authorized and empowered to be and act without bond as custodian, receiver or liquidator of any savings and loan association which has the insurance protection provided by Title IV of the National Housing Act as now or hereafter amended (hereafter termed “insured association”) which shall have been taken over for liquidation pursuant to the provisions of this chapter. The commissioner in the event of the taking over of any such insured association for liquidation, shall appoint said corporation as custodian, receiver or liquidator thereof; and thereupon the corporation shall equally have and possess all the powers and privileges provided by the laws of this territory with respect to the commissioner upon his taking possession of a savings and loan association, and shall be subject to all the duties of such commissioner, and in addition shall have all the rights, privileges and powers conferred upon it by Federal statutes now or hereafter enacted; and may make loans on the security of, or may bid for purchase at public sale, or private sale or at any custodian’s

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

receiver’s, or liquidator’s sale, or may liquidate or sell, any part of the assets of the association of which it is the custodian, receiver or liquidator; and in the event of the purchase of any such assets, it shall bid and pay a fair and reasonable price.

Whether or not the Federal Savings and Loan Insurance Corporation shall serve as such custodian, receiver or liquidator, of any such insured association, whenever it shall pay or make provision for payment of the liabilities of any such insured association in liquidation, it shall be subrogated, upon the surrender and transfer to it of any investment certificate, share or account insured by it, to all rights of the holder with respect to such investment certificate, share or account; but such surrender and transfer of such investment certificate, share or account shall not affect any right which the transferor thereof may have in any portion of such investment certificate, share or account which is uninsured, or any right to participate in the distribution of the net proceeds remaining from the distribution of the assets of such insured association; provided, that the rights of the investors in, and creditors of, such insured association shall be determined in accordance with the applicable provisions of the laws of this territory, including the provisions of Section 141115 of this chapter.

SOURCE: GC §41663.

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