Terms Used In 18 Guam Code Ann. § 25606

  • 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.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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.
Where the dissolution is caused by the act, death, or bankruptcy of a partner, each partner is liable to his copartners for his share of any liability created by any partner acting for the partnership as if the partnership had not been dissolved unless:

(a) the dissolution being by act of any partner, the partner acting for the partnership had knowledge of the dissolution, or

(b) The dissolution being by the death or bankruptcy of a partner, the partner acting for the partnership had knowledge or notice of the death or bankruptcy; or

COL070307
18 Guam Code Ann. BUSINESS STRUCTURE & FUNCTION
CH. 25 PARTNERSHIPS IN GENERAL

(c) The liability is for a debt, obligation, or liability for which the partner is not liable as provided in § 25307 (c)

SOURCE: CC § 2428. Subsection (b) amended by P.L. 23-65:6. Subsection (c) added by P.L. 23-65:7