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Terms Used In 15 Guam Code Ann. § 2359

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • Probate: Proving a will
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
e sale referred to in Section 2357 of this Title must be made subject to all payments which are due at the time of sale or which may thereafter become due on such contract, and if there are any such, the sale must not be confirmed by the Superior Court until the purchaser executes a bond to the personal representative for the benefit and indemnity of the personal representative and of the persons entitled to the interest of the decedent in the lands so contracted for, in an amount equal

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

to the amount of payments then due and thereafter to become due on such contract, with such sureties as the Superior Court shall approve. The bond must be conditioned that the purchaser will make all payments on such property which are then due or which become due after the date of the sale, and will fully indemnify the personal representative and the persons so entitled against all demands, costs, charges and expenses, by reason of any covenant or agreement contained in such contract. Such bond need not be given when no claim has been made against the estate upon the contract and the time for filing or presenting claims has expired, nor need such bond be given if the person entitled to payment under such contract waives all recourse to the assets of the estate for such payment and releases the estate and the personal representative from liability thereunder.

SOURCE: California Probate Code, § 801 (as amended)

§ 2361. Sale of Contract to Purchase: Assignment After
Confirmation; Nature and Scope.
Upon the confirmation of the sale referred to in Section 2357 of this Title, the personal representative must execute to the purchaser an assignment of the contract, which vests in the purchaser, his heirs and assigns, all the right, title, and interest of the estate, or of the persons entitled to the interest of the decedent, in the property sold at the time of the sale, and the purchaser has the same rights and remedies against the vendor of such land as the decedent would have had if he were living.

SOURCE: Probate Code of Guam (1970), § 802.

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