Guam § 2347 - Sales of Real Property: Confirmation Hearing on Private

§ 2347. Sales of Real Property: Confirmation Hearing on Private

Sale; Increased Bids; Agent's Commission; Determination of Bid

Amount.

Upon the hearing provided in Section 2315 of this Title, the

Superior Court of Guam must examine the necessity for the private sale

of the real property of the estate, or the advantage, benefit and interest of

the estate in having such sale made, and the efforts of the personal repre-

sentative to expose the property to the market, and must examine the

return and witnesses in relation to such sale; and if it appears to the

Superior Court that good reason existed for such sale, that such sale was

legally made and fairly conducted, that it complied with the requirements

of Section 2345 of this Title, that the sum bid is not disproportionate to

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CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

the value, and that it does not appear that a sum exceeding such bid at

least ten percent (10%), exclusive of the expenses of a new sale, may be

obtained, the Superior Court shall make an order confirming such sale

and directing conveyances be executed; otherwise it shall vacate such

sale and direct another to be had, of which notice must be given and the

sale in all respects conducted as if no previous sale had taken place. But

if a written offer in an amount at least ten percent (10%) more than the

sum bid is made to the Superior Court by a responsible person, and such

offer complies with all provisions of law, the Superior Court shall accept

such higher offer, confirm the sale to such person and fix a reasonable

compensation for the services to the estate of the agent, if any, producing

the successful bidder, or, in its discretion, order a new sale. If more than

one written offer in an amount at least ten percent (10%) more than the

sum bid is made to the Superior Court of Guam by responsible persons,

and if any such increased bid complies with all the provisions of law, the

Superior Court of Guam shall accept such highest increased bid, confirm

the sale to the person making such highest increased bid, and fix a

reasonable compensation for the services to the estate of the agent, if any,

producing the successful bidder, or, in its discretion, order a new sale.

The compensation of the agent producing the successful bidder shall not

exceed one-half (2) of the difference between the amount of the bid in

the original return and the amount of the successful bid, but such

limitation shall not apply to any compensation of the agent holding the

contract with the personal representative.

For the purposes of this Section the amount of a bid shall be

determined by the Superior Court without regard to any commission on

the amount of such bid to which an agent may be entitled by virtue of a

contract with the personal representative. It shall be determined without

regard to any condition of the bid that a certain amount thereof be paid to

an agent by the personal representative, but notwithstanding that a bid

contains such a condition, only such compensation to an agent as is

proper under the preceding provisions of this Section shall be allowed,

and acceptance of the bid by the Superior Court binds the bidder though

the compensation so allowed is less than the compensation to which the

agent would be entitled had the condition been observed.

Higher offers and bids are subject to the provisions of Section 2349

of this Title.