Guam § 171003 - Contribution Agreements.
Full text of Guam Guam Code Annotated § 171003 — Contribution Agreements., with citation guidance and answers to common questions.
§ 171003. Contribution Agreements.
(a) Except as otherwise provided in the agreement, the following rules apply to an agreement made by
a person before formation of a limited cooperative association to make a contribution to the association:
(1) The agreement is irrevocable for six (6) months after the agreement is signed by the person
unless all parties to the agreement consent to the revocation.
(2) If a person does not make a required contribution:
(A) the person is obligated, at the option of the association, once formed, to contribute money
equal to the value of that part of the contribution that has not been made, and the obligation may
be enforced as a debt to the association; or
(B) the association, once formed, may rescind the agreement if the debt remains unpaid more
than twenty (20) calendar days after the association demands payment from the person, and upon
rescission the person has no further rights or obligations with respect to the association.
(C) Unless the organic rules or an agreement to make a contribution other than money to a
limited cooperative association otherwise provide, if a person does not make a required
contribution to an association, the person or the person’s estate is obligated, at the option of the
association, to contribute money equal to the value of the part of the contribution which has not
been made.
Frequently Asked Questions About Guam § 171003
What does Guam Code Annotated § 171003 cover?
Section 171003 ("Contribution Agreements.") 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 § 171003?
A common citation format is "Guam Code Annotated § 171003" (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 § 171003 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.