7 Guam Code Ann. § 50200
Terms Used In 7 Guam Code Ann. § 50200
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
No creditor shall be entitled to vote for the election of an assignee unless he shall have filed his claim in the office of the clerk of the court at least two (2) days prior to the time appointed for such election. All claims shall contain a statement showing the amount and nature of the claim and security, if any. The claim shall be verified by the claimant, or his duly authorized agent or attorney. No claim barred by the statute of limitations shall be proved or allowed against the estate of an insolvent debtor for any purpose. Any person interested in the estate of the insolvent may file exceptions to the legality or good faith of any claim, by setting forth specifi-
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW
cally in writing his interest in the estate, and the ground of his objection to such claim. Such exceptions shall be verified by the affidavit of the party objecting, or his duly authorized agent or attorney, and the affidavit shall set out that such exceptions are not made for the purpose of delay and are made in good faith in the best interest of said estate. Exceptions to any claim must be filed with the clerk of the court at least one (1) day before the time appointed for the election of an assignee, and such exceptions shall be heard and disposed of by the court, on affidavit or other evidence, in a summary manner, before the election of an assignee. No creditor or claimant who holds any mortgage, pledge, or lien of any kind whatever as security for the payment of his claim or attachment or execution on property of the debtor duly recorded and not dissolved under this Title shall be permitted to vote at the election of the assignee any part of his secured claim unless he shall first have the value of such security fixed as provided in § 50356 of this Chapter, or shall surrender to the commissioner or receiver of the estate of the insolvent debtor, if there be a receiver, all such property, or assign such lien to such commissioner or receiver. The surrender or assignment of such security or lien shall be for the benefit of all creditors of the estate of the insolvent. The value of such security, if fixed by the court, shall be so fixed at least one (1) day before the day appointed for the election of an assignee, in which event the claimant may prove his demand as provided in this section for any unsecured balance, subject to the filing of exceptions as in all other claims.
SOURCE: CCP § 1320.