12 Guam Code Ann. § 4602
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Terms Used In 12 Guam Code Ann. § 4602
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In addition to the powers of the Housing Corporation set forth elsewhere, in this Chapter, and notwithstanding any restrictions, requirements or limitations set forth in Articles 1, 2,
3, 4 and 5 of this Chapter, the Housing Corporation shall have the power to make, purchase, make commitments to purchase,
and take assignments from lending institutions, of home mortgages and mortgage-backed securities, under terms and conditions specified by the Housing Corporation. The Housing
Corporation may obtain or require mortgagors to obtain mortgage insurance on home mortgages, and may enter into risk-
sharing agreements with the providers of the mortgage insurance upon terms and conditions determined by the Housing Corporation. Any obligations of the Housing Corporation to a
mortgage insurer under a risk-sharing agreement shall be payable only out of the assets of the Housing Corporation that are not
pledged to secure other obligations of the Housing Corporation.
3, 4 and 5 of this Chapter, the Housing Corporation shall have the power to make, purchase, make commitments to purchase,
and take assignments from lending institutions, of home mortgages and mortgage-backed securities, under terms and conditions specified by the Housing Corporation. The Housing
Corporation may obtain or require mortgagors to obtain mortgage insurance on home mortgages, and may enter into risk-
sharing agreements with the providers of the mortgage insurance upon terms and conditions determined by the Housing Corporation. Any obligations of the Housing Corporation to a
mortgage insurer under a risk-sharing agreement shall be payable only out of the assets of the Housing Corporation that are not
pledged to secure other obligations of the Housing Corporation.
SOURCE: Added by P.L. 24-81:10.
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ARTICLE 7
FIRST-TIME HOMEOWNER ASSISTANCE PROGRAM ACT
SOURCE: This article was added by P.L. 24-180:3 as Article 6. Amended by P.L. 29-002:VI:28 (May 18, 2007) the name, Gross Receipts Tax, changed to Business Privilege Tax, effective July 17,
2007. Repealed and reenacted by P.L. 31-166:2 (Jan. 4, 2012).