Terms Used In 7 Guam Code Ann. § 24102

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • 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.
  • 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.
all actions for the foreclosure of a mortgage, the complaint shall set forth the date and due execution of the mortgage; its assignments, if any; the names and residences of the mortgagor; a description of the mortgaged property; a statement of the date of the note or other obligation secured by the mortgage, and the amount claimed to be unpaid thereon; and the names

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7 Guam Code Ann. CIVIL PROCEDURE
CH. 24 ACTIONS IN PARTICULAR CASES

and residences of all persons having or claiming an interest in the property subordinate in right to that of a holder of the mortgage, all of whom shall be made defendants in the action. No person holding a conveyance from or under the mortgagor of property mortgaged, or having a lien thereon, which conveyance or lien does not appear of record in the Department of Land Management at the time of the commencement of the action, need be made a party to such action, and the judgment therein rendered, and the proceedings therein had, are as conclusive against the party holding such unrecorded conveyance or lien as if he had been a party to the action.

SOURCE: CCP § 726a.

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