18 Guam Code Ann. § 25102
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Terms Used In 18 Guam Code Ann. § 25102
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
In this Chapter, court includes every court and judge having jurisdiction in the case.
Business includes every trade, occupation, or profession.
Person includes individuals, partnerships, corporations, and other associations.
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18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 25 PARTNERSHIPS IN GENERAL
Bankrupt includes bankrupt under the United States Bankruptcy Act or insolvent under the insolvency law of Guam [7 Guam Code Ann., Chapter 50].
Conveyance includes every assignment, lease, mortgage, or incumbrance.
Real Property includes land and any interest or estate in land.
Registered Limited Liability Partnership means a partnership formed pursuant to an agreement governed by the laws of Guam, registered under § 25615 of this Title.
SOURCE: CC § 2396. Amended by P.L. 23-65:2.