7 Guam Code Ann. § 33107
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Terms Used In 7 Guam Code Ann. § 33107
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
If any person disputes the correctness or validity of any claim of lien, he may record with the Department of Land Management, either before or after the commencement of any action to enforce such claim of lien, a bond executed by a corporation authorized to issue surety bonds in Guam, in a penal sum equal of one and one-half (1 ½) times the amount of the claim, which bond shall be conditioned for the payment of any sum which the claimant may recover on the claim together with his costs of suit in the action, if he recovers therein. Upon recording of such bond, the real property described in such bond is released from the lien and the surety shall be substituted for the owner as a party defendant in any lien foreclosure action.
7 Guam Code Ann. CIVIL PROCEDURE
CH. 33 LIENS IN GENERAL