16 Guam Code Ann. § 7151
Terms Used In 16 Guam Code Ann. § 7151
- 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.
16 Guam Code Ann. VEHICLES
CH.7 VEHICLE LICENSE AND REGISTRATION
A chattel mortgage on any vehicle registered under this Title, irrespective of whether such registration was effected prior or subsequent to the execution of such mortgage, is not valid as against creditors or subsequent purchasers or encumbrances until the mortgagee or his successor or assignee has deposited with the Department of Revenue and Taxation a copy of such mortgage with an attached certificate of a Notary Public stating that the same is true and correct copy of the original, accompanied by a properly endorsed certificate of ownership to the vehicle described in the mortgage if the vehicle is then registered under this Title, or if the vehicle is not so registered, by application in usual form for an original registration, together with an application for registration as legal owner, and upon payment of the fees as provided in this Title. The Department in accepting the mortgage for deposit, or in registering the mortgagee, his successor or assignee as legal owner, shall not be required to examine the mortgage or determine the genuineness, regularity or legal sufficiency thereof.
SOURCE: GC § 23344, enacted by P.L. 1-088 (Nov. 29. 1952).