Guam § 2371 - Borrowing Money and Mortgaging Estate Property:

§ 2371. Borrowing Money and Mortgaging Estate Property:

Effectiveness of Encumbrance; Jurisdiction; Effect of Error or

Irregularities; Deficiencies.

Every mortgage, pledge or other lien made pursuant to the

provisions of Sections 2363 through 2369, inclusive, of this Title shall be

effectual to mortgage, pledge or subject to such other lien all right, title,

interest and estate which the decedent had in the property described

therein at the time of the decedent's death or prior thereto, and any right,

title or interest in said property acquired by the estate of such decedent

COL120106

CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY

by operation of law or otherwise, since the time of the decedent's death.

Jurisdiction of the Superior Court to administer the estate of such

decedent shall be effectual to vest the Superior Court with jurisdiction to

make the order for the note or notes, and mortgage, pledge or other lien,

and such jurisdiction shall conclusively inure to the benefit of the

mortgagee named in the mortgage, the pledgee, or the holder of other

lien, his heirs and assigns. No omission, error or irregularity in the

proceedings shall impair or invalidate the same or the note or notes,

mortgage, pledge or other lien given in pursuance thereof, and the

mortgagee, pledgee or holder of other lien, his heirs and assigns, shall

have and possess the same rights and remedies on the notes or notes and

mortgage, pledge or other lien as if it had been made by the decedent

prior to the decedent's death, except that upon any foreclosure, or sale

under the pledge or other lien, if the proceeds of the sale of the

encumbered property are insufficient to pay the note or notes, the mort-

gage, pledge or other lien, and the costs or expenses of sale, no judgment

or claim for any deficiency, shall be had or allowed, except in cases

where the note or notes, mortgage, pledge or other lien were given to

pay, reduce, extend or renew a mortgage, pledge or other lien subsisting

at the time of the decedent's death and the indebtedness secured thereby

was an allowed and approved claim against the estate, in which case the

part of the indebtedness remaining unsatisfied must be classed and paid

with other allowed claims against the estate.