Guam § 2613 - Appraisement: Personalty to be Appraised, or its Value

§ 2613. Appraisement: Personalty to be Appraised, or its Value

Estimated, by Personal Representative; Court has Discretion to

Order Professional Appraisement of Personalty; Real Property to be

Appraised by Court-Appointed Appraiser; Procedure.

(a) (1) The personal representative shall appraise at fair

market value moneys, currency, cash items, bank accounts and

amounts on deposit with any financial institution, and the

proceeds of life and accident insurance policies and retirement

plans payable upon death in lump sum amounts, excepting

therefrom such items whose fair market value is, in the

personal representative's opinion, an amount different from the

ostensible value or specified amount. As used herein, Afinancial

institution@ means a bank, trust company, federal savings and

loan association, savings institution chartered and supervised as

a savings and loan or similar institution under federal law or

the laws of the territory of Guam, federal credit union, or credit

union chartered and supervised under the laws of the territory

of Guam.

(2) The personal representative shall estimate the fair

market value of each item excepted from the appraisement

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referred to in subsection (a)(1) of this Section, and of each

other item of personal property belonging to the estate, and

enter his estimate of the value of each such item on the

inventory and appraisement provided by Section 2603 of this

Title in lieu of an appraisement thereof, noting thereon with

respect to each such item that the value set forth on the

inventory and appraisement for each such item is an estimate of

such item's fair market value and not an appraisement thereof.

(3) If the Superior Court of Guam determines, either upon

the hearing for confirmation of the sale of any item, whose fair

market value was estimated by the personal representative

pursuant to the provisions of subsection (a) of this Section, or

upon the settlement of any account of the personal

representative, or at any other time prior to the discharge of the

personal representative, that the personal representative's

estimate of the fair market value of any item made pursuant to

the provisions of subsection (a)(2) of this Section was

materially incorrect, the Superior Court of Guam may order

that the fair market value of such item be appraised by a

qualified, disinterested person who shall be appointed as

appraiser by the Superior Court of Guam.

(b) The appraisement of all assets belonging to the estate, other than

those appraised or estimated by the personal representative pursuant to

the provisions of subsection (a) of this Section, shall be made by one

qualified, disinterested person who shall be appointed as appraiser by the

Superior Court of Guam. The personal representative shall furnish to the

appraiser such information concerning the assets appraised or estimated

by the personal representative, or concerning any other assets of the

estate, as the appraiser shall require, in substance and form as prescribed

by the appraiser.

(c) Neither the personal representative nor the personal

representative's attorney shall be entitled to receive compensation for

extraordinary services by reason of appraising or estimating the fair

market value of any asset pursuant to the provisions of this Section.