Guam § 45114 - Financing Construction.
Full text of Guam Guam Code Annotated § 45114 — Financing Construction., with citation guidance and answers to common questions.
§ 45114. Financing Construction.
Should the apartments be conveyed or leased prior to the completion of
construction of the building or buildings for the purpose of financing such
construction, all moneys from the sale of such apartments, including any
payments made on loan commitments from lending institutions, shall be
deposited by the developer in a trust fund with a bank, savings and loan
association, or trust company authorized to do business in Guam under an
escrow arrangement. Disbursements from such fund may be made, from
time to time, to pay for construction costs of the building or buildings in
proportion to the valuation of the work completed by the contractor as
certified by a registered architect or professional engineer, and for
architectural, engineering, finance, and legal fees, and for other incidental
expenses of the condominium project as approved by the mortgagee. The
balance of the moneys remaining in the trust fund shall be disbursed only
upon completion of the building or buildings, free and clear of all
mechanic's and material men's liens. The Commission may impose other
restrictions relative to the retention and disbursement of the trust fund.
Frequently Asked Questions About Guam § 45114
What does Guam Code Annotated § 45114 cover?
Section 45114 ("Financing Construction.") 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 § 45114?
A common citation format is "Guam Code Annotated § 45114" (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 § 45114 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.