American Samoa § 37.1103 - Proceeds
Full text of American Samoa American Samoa Code Annotated § 37.1103 — Proceeds, with citation guidance and answers to common questions.
§ 37.1103. Proceeds
Mortgage creditors shall be entitled to payment according to the priority of their liens, and not pro rata; and judgments of foreclosure shall operate to extinguish the liens of subsequent mortgages of the same property, without forcing prior mortgagees to their right of recovery. The surplus after payment of the mortgage foreclosed shall be applied pro tanto to the next junior mortgage, and so on to payment, wholly or in part, of mortgages junior to the one assessed. Case Notes: Territorial statute providing that court should set payments on a judgment in accordance with debtor’s ability to pay did not defeat creditor’s right to foreclose a chattel mortgage. A.S.C.A. §§ 37.1002, 37.1103, 43.1501. R.S.T.T.A.N. Hisatake, Inc., v. Kullabhbhai K. Patel & Co., Ltd., 3 A.S.R.2d 99 (1986).
Frequently Asked Questions About American Samoa § 37.1103
What does American Samoa Code Annotated § 37.1103 cover?
Section 37.1103 ("Proceeds") is part of the American Samoa Code Annotated, the codified statutory law of American Samoa. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite American Samoa § 37.1103?
A common citation format is "American Samoa Code Annotated § 37.1103" (American Samoa). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of American Samoa law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the American Samoa official source linked on this page or consult a licensed American Samoa attorney.
How does American Samoa § 37.1103 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in American Samoa can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in American Samoa.