21 Guam Code Ann. § 47501
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Terms Used In 21 Guam Code Ann. § 47501
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In the financing of a time-share program, the developer shall retain financial records of the schedule of payments required to be made and the payment made to any person or entity which is the holder of an underlying blanket mortgage, deed of trust, contract of sale or other lien or encumbrance (lienholder). Any transfer of the developer’s interest in the time-share program to any third person shall be subject to the obligations of the developer.