Guam § 2403 - Negotiable Promissory Notes Prohibited.
Full text of Guam Guam Code Annotated § 2403 — Negotiable Promissory Notes Prohibited., with citation guidance and answers to common questions.
§ 2403. Negotiable Promissory Notes Prohibited.
In a consumer credit sale or consumer lease other than a sale or
lease primarily for an agricultural purpose, the seller or lessor may not
take a negotiable promissory note payable in installments as evidence of
the obligation of the buyer or lessee. A promissory note negotiable in
form issued in violation of this section may be enforced as a negotiable
instrument by a holder in due course according to its terms. The holder in
due course is not subject to the liabilities set forth in the provisions on
the effect of violations on the rights of parties (§ 5201) and the
provisions on civil actions by Administrator (§ 6113).
Frequently Asked Questions About Guam § 2403
What does Guam Code Annotated § 2403 cover?
Section 2403 ("Negotiable Promissory Notes Prohibited.") 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 § 2403?
A common citation format is "Guam Code Annotated § 2403" (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 § 2403 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.