Guam § 2408 - Cross-Collateral.
Full text of Guam Guam Code Annotated § 2408 — Cross-Collateral., with citation guidance and answers to common questions.
§ 2408. Cross-Collateral.
(1) In addition to contracting for a security interest in the goods
sold, a seller of goods in a consumer credit sale may secure the debt
arising from the sale by:
(a) contracting for a security interest in goods previously sold
to the buyer by the seller if there is an existing security interest in
the goods held either by the seller or his transferee; and
(b) contracting at the time of a subsequent sale to the buyer for
a security interest in the goods sold in the subsequent sale as
security for the previous debt.
(2) The security interest described in subsections (a) and (b) ceases
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when the debt arising from the original sale of the collateral to the debtor
has been paid.
Frequently Asked Questions About Guam § 2408
What does Guam Code Annotated § 2408 cover?
Section 2408 ("Cross-Collateral.") 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 § 2408?
A common citation format is "Guam Code Annotated § 2408" (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 § 2408 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.