Guam § 2409 - Debt Secured by Cross-Collateral.
Full text of Guam Guam Code Annotated § 2409 — Debt Secured by Cross-Collateral., with citation guidance and answers to common questions.
§ 2409. Debt Secured by Cross-Collateral.
(1) Except as provided in subsections (2) and (3), if debts arising
from two or more consumer credit sales, other than sales primarily for an
agricultural purpose, are consolidated into one debt payable on a single
schedule of payments, and the consolidated debt is secured by security
interests in goods sold in one or more of the sales, payments received by
the seller or his transferee after consolidation are deemed, for the purpose
of determining the amount of the debt secured by the various security
interests, to have been first applied to the payment of debts arising from
the sales first made.
(2) If goods sold are affixed to or installed in goods previously sold,
and the debts arising from each sale are consolidated, the debts from
each sale are treated as a single debt arising at the time of the subsequent
sale.
(3) If the debts consolidated arose from two (2) or more sales made
on the same day, payments received by the seller or his transferee after
consolidation are deemed, for the purpose of determining the amount of
the debt secured by the various security interests, to have been first
applied to the payment of the smallest or smaller of the debts.
Frequently Asked Questions About Guam § 2409
What does Guam Code Annotated § 2409 cover?
Section 2409 ("Debt Secured by 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 § 2409?
A common citation format is "Guam Code Annotated § 2409" (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 § 2409 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.