22 Guam Code Ann. § 18306
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Terms Used In 22 Guam Code Ann. § 18306
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
No policy of liability insurance shall be issued or delivered in Guam, unless it contains provisions to the effect that the insolvency or bankruptcy of the insured shall not release the insurer from the payment of damages for injuries sustained or loss occasioned during the term of such policy, and that in case execution against the insured is returned unsatisfied in any action brought by the injured person or his heirs, because of such insolvency or bankruptcy, an action may be maintained by the injured person or his heirs or representatives against such insurer within the terms and limits of the policy for the amount of the judgment not exceeding the amount of the policy.
SOURCE: GC § 43355.