§ 47101 Definitions
§ 47102 Status of Time-Share Estates With Respect to Real Property\r\nInterests
§ 47103 Separate Titles
§ 47104 Time of Taking Effect
§ 47105 Severability
§ 47202 Instruments for Time-Share Estates
§ 47203 Time-Share Estate Management
§ 47204 Developer Control
§ 47205 Instruments for Time-Share Use
§ 47206 Time-Share Use Management
§ 47207 Partition
§ 47301 Public Offering Statement: General Provisions
§ 47302 Escrow of Deposits
§ 47303 Mutual Rights of Cancellation
§ 47304 Other Filings Not Required
§ 47305 Exemptions
§ 47306 Material Change
§ 47307 Liens
§ 47308 Effect of Violations on Rights of Action; Attorney\’s Fees and\r\nCriminal Penalties
§ 47309 Statute of Limitations
§ 47310 Financial Records
§ 47401 General Powers and Duties of Agency
§ 47402 Registration Required
§ 47403 Application for Registration
§ 47404 Agency Regulation of Public Offering Statement
§ 47405 Receipt of Application; Effectiveness of Registration
§ 47406 Amendment
§ 47407 Exemptions
§ 47501 Financing of Time-Share Programs
§ 47502 Rights Under Foreclosure
§ 47503 Protection of Lienholder

Terms Used In Guam Code > Title 21 > Chapter 47 - Time-Share Ownership

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • 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.
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • 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
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • 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.
  • 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.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Service of process: The service of writs or summonses to the appropriate party.