18 Guam Code Ann. § 36202
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Terms Used In 18 Guam Code Ann. § 36202
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
A mortgage of real property may be made in substantially the following form; but may be made in any form in use in the United States, except in the form of deeds of trusts and conveyances with right to repurchase:
“”This mortgage, made this day of , in the year , by A.B., of , mortgagor, to C.D., of , mortgagee, witnesseth:
That the mortgagor mortgages to the mortgagee (her describe the property), as security for the payment to him of dollars, on (or before) the day of in the year , with interest hereon (or as security for the payment of an obligation describing it, etc.)
SOURCE: CC § 2948.
“”A.B.””
2015 NOTE: Section 36202 was inadvertently deleted after the 1992 update. Research has revealed that it was never repealed, and is therefore restored pursuant to authority granted by 1 Guam Code Ann. § 1606.