18 Guam Code Ann. § 15123
Terms Used In 18 Guam Code Ann. § 15123
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(1) Those liabilities to creditors, in the order of priority as provided by law, except those liabilities to members of the limited liability company on account of their contribu- tions;
(2) Those liabilities to members of the limited liability company in respect of their shares of the profits and other compensation by way of income on their contributions; and
(3) Those liabilities to members of the limited liability company in respect of their contributions to capital.
(b) Subject to any statement in the regulations, members shall share in the limited liability company assets in respect to their claims for capital and in respect to their claims for profits or for compensation by way of income on their contributions, respectively, in proportion to the respective amounts of the claims.