7 Guam Code Ann. § 50217
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Terms Used In 7 Guam Code Ann. § 50217
- 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.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
Preparatory to the settlement of the estate, the assignee shall file his final account in the court, accompanying the same with an affidavit that a notice by registered mail has been given to all creditors who have proved their claims, that he will apply for a settlement of his account and for a discharge from all liability as assignee at a time specified in such notice, which time shall not be less than two (2) weeks nor more than three (3) months from such filing. At the hearing the court shall audit the account, and any person interested may appear and file exceptions in writing and contest the same. The court thereupon shall settle the account, and order a dividend of any portion of the estate, if any, remaining undistributed, and shall discharge the assignee, subject to compliance with the order of the court, from all liability as assignee to any creditor of the insolvent.
COL120106
7 Guam Code Ann. CIVIL PROCEDURE
CH. 50 INSOLVENCY LAW
SOURCE: CCP § 1335.
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ARTICLE 6
CLASSIFICATION AND PREFERENCE OF CREDITORS