Guam § 141109 - Powers Upon Taking Possession.

§ 141109. Powers Upon Taking Possession.

Upon taking possession of the business, property and assets of any

association, the commissioner may under his hand and official seal

appoint a custodian, require from him a good and sufficient bond and

place him in charge as his representative. Upon taking such possession,

the commissioner shall have authority to collect all moneys due to such

association and to give full receipt therefor, and to do such other acts as

are necessary or expedient to collect, conserve or protect its business,

property and assets. Unless the commissioner shall be enjoined from

further proceedings and directed to surrender such business, property and

assets or unless such association shall with the consent of the

commissioner resume business, then the commissioner shall proceed to

liquidate the affairs of such association as hereinafter provided.

Whenever the commissioner shall be in possession of the business,

property and assets of any association, and regardless of whether or not

he shall be liquidating the affairs of such association, the commissioner

may in his discretion (1) apply to the District Court of Guam for an order

confirming any action theretofore taken by the commissioner, or

authorizing the commissioner to do any act or to execute any instrument

not expressly authorized by this act, which order shall be given and made

after a hearing on such notice as the court shall prescribe; (2) pay and

discharge any secured claims against such association, whether or not

such claims shall theretofore have been presented for payment or have

become barred from presentation by the expiration of the time limit

hereinafter specified; provided, that no such claim shall be paid in an

amount larger than the then value of the security therefor; (3) pay such

administrative or current expenses incurred prior to the taking of

possession by the commissioner as may be necessary or convenient to

the orderly or economic liquidation or preservation of the assets, and pay

all wages or salaries, not exceeding Two hundred fifty dollars ($250) per

month to any one person, earned within six months prior to the taking of

possession by the commissioner, whether or not claims for such

expenses, wages or salaries shall theretofore have been presented for

payment, or shall have become barred from presentation by the

expiration of the time limit hereinafter specified; or (4) within six months

after obtaining knowledge of the existence thereof, disaffirm any

executory contracts (including leases) to which such association is party,

and disaffirm any partially executed contracts (including leases) to the

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extent that they remain executory. Claims for damages resulting from the

disaffirmance of any such contract or lease may be filed and allowed. No

claim of a landlord for damages resulting from the disaffirmance of an

unexpired lease of real property or under any covenant of such lease shall

be allowed in an amount exceeding the rent reserved by the lease,

without acceleration, for the year succeeding the date of the surrender of

the premises plus the amount of any unpaid accrued rent without

acceleration. Any such claim must be filed within 30 days of the date of

such disaffirmance or within the time that claims must be filed under

Section 141112 , whichever is longer.

Upon the taking of possession by the Commissioner the right to

payment of matured claims for withdrawal, and the right to file notices of

withdrawal, shall be suspended, and notices of withdrawal on file shall

not proceed toward maturity.