15 Guam Code Ann. § 2371
Terms Used In 15 Guam Code Ann. § 2371
- Decedent: A deceased person.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- 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.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Probate: Proving a will
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15 Guam Code Ann. ESTATES AND PROBATE
CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY
by operation of law or otherwise, since the time of the decedent’s death. Jurisdiction of the Superior Court to administer the estate of such decedent shall be effectual to vest the Superior Court with jurisdiction to make the order for the note or notes, and mortgage, pledge or other lien, and such jurisdiction shall conclusively inure to the benefit of the mortgagee named in the mortgage, the pledgee, or the holder of other lien, his heirs and assigns. No omission, error or irregularity in the proceedings shall impair or invalidate the same or the note or notes, mortgage, pledge or other lien given in pursuance thereof, and the mortgagee, pledgee or holder of other lien, his heirs and assigns, shall have and possess the same rights and remedies on the notes or notes and mortgage, pledge or other lien as if it had been made by the decedent prior to the decedent’s death, except that upon any foreclosure, or sale under the pledge or other lien, if the proceeds of the sale of the encumbered property are insufficient to pay the note or notes, the mort- gage, pledge or other lien, and the costs or expenses of sale, no judgment or claim for any deficiency, shall be had or allowed, except in cases where the note or notes, mortgage, pledge or other lien were given to pay, reduce, extend or renew a mortgage, pledge or other lien subsisting at the time of the decedent’s death and the indebtedness secured thereby was an allowed and approved claim against the estate, in which case the part of the indebtedness remaining unsatisfied must be classed and paid with other allowed claims against the estate.
SOURCE: Probate Code of Guam (1970), § 834.