Guam § 106176 - Acquisition of Property to Satisfy or Protect Previous Loan.
Full text of Guam Guam Code Annotated § 106176 — Acquisition of Property to Satisfy or Protect Previous Loan., with citation guidance and answers to common questions.
§ 106176. Acquisition of Property to Satisfy or Protect Previous Loan.
A bank may take property of any kind to satisfy or protect a loan previously made in good faith and in
the ordinary course of business. Property acquired in satisfaction of a loan shall be held subject to the
following limitations:
(a) Stock shall be sold within 6 months or such additional period not exceeding one year as the
Commissioner may allow.
(b) Real estate may be used in the banking business, subject to the conditions prescribed by this
Title for property purchased for such use, or may be rented. Real estate may be improved to facilitate
its sale. Unless used in the banking business, it shall be sold within 5 years or such longer period as
the Commissioner may allow.
(c) Other property the acquisition of which is not otherwise authorized by this Title shall be sold
within 6 months or such longer period as the Commissioner may allow.
(d) The property shall be entered on the books at cost or fair market value, whichever is less, and
property which the bank is not otherwise authorized to acquire shall be charged off at a rate of not less
than 10% per annum for real estate and 20% per annum for other property or at such lower rate not
less than 5 and 10% respectively, as the Commissioner may allow.
Source: official Guam text · Last verified 2026-08-27
Frequently Asked Questions About Guam § 106176
What does Guam Code Annotated § 106176 cover?
Section 106176 ("Acquisition of Property to Satisfy or Protect Previous Loan.") 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 § 106176?
A common citation format is "Guam Code Annotated § 106176" (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 § 106176 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.