7 Guam Code Ann. § 24105
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Terms Used In 7 Guam Code Ann. § 24105
- 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.
The money arising from the sale of mortgaged property, under the regulations hereinbefore prescribed, shall, after deduction of costs of sale, be paid to the person foreclosing the mortgage, and when there shall be any
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 24 ACTIONS IN PARTICULAR CASES
surplus, after paying off such mortgage or other encumbrance, the same shall be paid to junior encumbrances in the order of their priority, to be ascertained by the court, or if there be no such encumbrances, or there be a surplus after payment of such encumbrances, then to the mortgagor or his agent, or to the person entitled to it.
SOURCE: CCP § 727.