Guam § 5103 - Restrictions on Deficiency Judgments in Consumer Credit

§ 5103. Restrictions on Deficiency Judgments in Consumer Credit

Sales.

(1) With respect to a consumer credit sale of goods or services, if the

amount financed is One Thousand Dollars ($1,000.00), or less, and the

seller or his transferee repossesses or voluntarily accepts surrender of

collateral on default:

(a) the seller or his transferee is not obligated to resell the

collateral; and

(b) the buyer is not personally liable to the seller or his

transferee for the unpaid balance of the debt. The buyer may be

liable in damages to the seller or his transferee if the buyer has

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wrongfully damaged the collateral or if, after default and demand,

the buyer has wrongfully failed to make the collateral available to

the seller or his transferee.

(2) If a seller or his transferee elects bring an action against the

buyer for a debt arising from a consumer credit sale of goods or services,

when under this Section he would not be entitled to a deficiency

judgment if he repossessed the collateral, and obtains judgment:

(a) he may not repossess the collateral; and

(b) the collateral is not subject to levy or sale on execution or

similar proceedings pursuant to the judgment.

(3) The amount of One Thousand Dollars ($1,000.00) in Subsection

(1) is subject to change pursuant to the provisions on adjustment of dollar

amounts (§ 1106).