Guam § 2407 - Restriction on Security in Sales or Leases.
Full text of Guam Guam Code Annotated § 2407 — Restriction on Security in Sales or Leases., with citation guidance and answers to common questions.
§ 2407. Restriction on Security in Sales or Leases.
(1) With respect to a consumer credit sale, a seller may take a
security interest in the goods sold, in goods installed in or affixed to the
goods sold, and in property to which the goods are affixed. The seller
may also take a security interest in property of the buyer to secure the
debt arising from a consumer credit sale primarily for an agricultural
purpose. Except as provided with respect to cross-collateral (§ 2408), a
seller may not otherwise take a security interest in property of the buyer
to secure the debt arising from a consumer credit sale unless the sale
involves maintenance, repair or improvement of the buyer's property. In
this case a seller may take a security interest in the property affected, if in
the case of a security interest in real property the debt secured is Five
Hundred Dollars ($500.00), or more, or, in the case of a security interest
in personal property the debt secured is One Hundred Fifty Dollars
($150.00) or more.
(2) With respect to a consumer lease, a lessor may not take a
security interest in property of the lessee to secure the debt arising from
the lease.
(3) A security interest taken in violation of this section is void.
(4) The amounts of Five Hundred Dollars ($500.00) and One
Hundred Fifty Dollars ($150.00) in subsection (1) are subject to change
pursuant to the provisions on adjustment of dollar amounts (§ 1106).
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 2407
What does Guam Code Annotated § 2407 cover?
Section 2407 ("Restriction on Security in Sales or Leases.") is part of the Guam Code Annotated, the codified statutory law of Guam. 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 Guam § 2407?
A common citation format is "Guam Code Annotated § 2407" (Guam). 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 Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 2407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam 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 Guam.