12 Guam Code Ann. § 5119
Terms Used In 12 Guam Code Ann. § 5119
- Contract: A legal written agreement that becomes binding when signed.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
COL4122017
12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 5 GUAM HOUSING AND URBAN RENEWAL AUTHORITY
holding or representing a specified amount in bonds, the right (in addition to all rights that may otherwise be conferred), upon the happening of an event of default as defined in such resolution or instrument, by a civil action in any court of competent jurisdiction:
(1) Cause possession of any project or any part thereof to be surrendered to any such obligee;
(2) Obtain the appointment of a receiver of any project of the
Authority or any part thereof and of the rents and profits therefrom;
(3) Require the Authority and the Commissioners, officers, agents and employees thereof to account as if it and they were trustees of an express trust.
(b) A receiver appointed under clause (2) of this Section may enter and take possession of the project or any part thereof and operate and maintain the same, and collect and receive all fees, rents, revenues or other charges thereafter arising therefrom, and shall keep all moneys in a separate account or accounts and apply the same in accordance with the obligations of the Authority as the court directs.
SOURCE: GC § 13917.
2017 NOTE: Subsection/subitem designations added/altered pursuant to the authority of 1 Guam Code Ann. § 1606.