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Terms Used In 15 Guam Code Ann. § 2313

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Personal property: All property that is not real property.
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
) When the personal representative determines, in his discretion, that by use or relationship any assets of the estate, whether real or personal, constitute a unit for purposes of sale, the personal representative may in his discretion cause such property to be appraised, or its fair market value estimated (in either event pursuant to the applicable provisions of Chapter 26 of this Title) as a unit. Whether or not such property is appraised, or its fair market value estimated, as a unit, the personal representative may sell all of such property as a unit and under one bid, subject to the provisions of subsections (b) and (c) of this Section.

COL120106
15 Guam Code Ann. ESTATES AND PROBATE
CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

(b) Property of an estate shall be sold as a unit and under one bid only if the Superior Court finds such a sale to be for the best interest of the estate; and no private sale of such property as a unit shall be made for less than ninety percent (90%) of the sum of the estimated fair market values of the personal property so sold plus the sum of the appraised values of the real property so sold, appraised or estimated separately, or for less than ninety percent (90%) of the appraised or estimated values of all the property so sold if appraised or estimated as a unit.
(c) If the property of an estate to be sold as a unit includes any real property, any such sale shall be made in the manner provided in this Chapter for the sale of real property of an estate, the bid and sale to be subject to the limitations and restrictions provided in this Chapter for the sale of real property of an estate; otherwise it shall be sold in the manner provided in this Chapter for the sale of personal property.

(d) When the property of an estate to be sold consists of a leasehold interest in real property with an unexpired term of ten (10) years or longer, or consists of any leasehold interest in real property together with an option to purchase the leased premises or some part thereof, the sale shall be made in the manner provided in this Chapter for the sale of real property of an estate, the bid and sale to be subject to the limitations and restrictions provided in this Chapter for the sale of real property of an estate; otherwise the leasehold interest shall be sold as personal property.

SOURCE: Subsections (a) and (b): California Probate Code, § 754.5; Guam Law Revision Commission. Subsection (c): California Probate Code, § 754.4. Subsection (d): California Probate Code, § 754.6.

COMMENT: The Commission has added, in subsections (a) and (b), the language concerning estimates — as opposed to appraisals — of the value of estate personalty, to cause § 2313 to comport with the applicable provisions of Chapter 26, infra. Also see Comment to § 2613, infra.

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