18 Guam Code Ann. § 36105
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Terms Used In 18 Guam Code Ann. § 36105
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
(a) Every transfer of an interest in property, made only as a security for the performance of another act, is to be deemed a mortgage, [except when in the case of personal property it is accompanied by actual change of possession, in which case it is deemed a pledge.]
(b) Every transfer of conveyance of any interest in real property by deed of trust or otherwise, with right reserved to repurchase, executed and delivered to secure the performance of another act, is to be deemed a mortgage.
SOURCE: CC § 2924.
NOTE: The concept of a mortgage on personal property has been abolished. The same purpose is found in the Uniform Commercial Code as a security interest, and the applicable law governing both security interests and pledges is found in the UCC (13
GCA).