13 Guam Code Ann. § 6103
Terms Used In 13 Guam Code Ann. § 6103
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Those made to give a purchase money security interest (Section
9107);
(2) Assignments for the benefit of all the creditors of the transferor, and subsequent transfers by the assignee thereunder;
(3) Transfers of property subject to a lien or other security interest in settlement or realization of such lien or other security interest, if there was compliance with this division in connection with the creation of such lien or security interest or such creation was exempt from compliance with this division;
(4) Sales by executors, administrators, receivers, trustees in bankruptcy, or any public officer under judicial process;
(5) Sales made in the course of judicial or administrative proceedings for the dissolution or reorganization of a corporation and of which notice is sent to the creditors of the corporation pursuant to order of the court or administrative agency;
(6) Transfers of property which is exempt from execution.
COMMENT: Section 6102(5) provides that the creation of a security interest in inventory may be a Atransfer@ subject to the notice and filing requirements of this
Division. On the other hand, subdivision (1) of Section 6103 makes clear that transfers made to give a purchase money security interest are excluded. Both these provisions are consistent with the California law. However, three special California exclusions for (1) certain vehicles and equipment, (2) inventory of a wholesale merchant and (3) goods in a warehouse are deleted. Compare Cal. Comm. Code
6103(1)(b), (c), (7). California kept these exclusions more for historical continuity than for any other reason. Their deletion is based on the belief that there is no policy justification for their inclusion here. See West Ann. Cal. Comm. Code 6103, California Code Comment (1964).
(2003) Official Appendix I of the AOfficial Text@ adopted by P.L. 26-172 appears to amend a different section numbered § 6103 than was adopted on Guam. Since the amendments appear to have no relation to the section Guam has adopted the
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13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 6 BULK TRANSFERS
Compiler will not change this section until better guidance is had from the
Legislature.
§ 6104. [Not Adopted in California or Guam.]