Guam § 48123 - Installment Contract.
Full text of Guam Guam Code Annotated § 48123 — Installment Contract., with citation guidance and answers to common questions.
§ 48123. Installment Contract.
(a) The signature of the homeowner, and acceptance by the Guam Waterworks Authority of the
application form provided for in § 48118 shall constitute a contract between the homeowner and the
government of Guam. The contract shall provide for the monthly amount of installment payments to be
made thereunder. Payments shall commence within sixty (60) days from the date of completion of the
installation and connection of the connecting line or of the Type 2 toilet facilities.
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(b) Such contract shall provide for payment of interest to be at the rate of six percent (6%) per annum
on the installment amount due and payable. Such contract shall further provide that the entire balance shall
become immediately due and payable upon default in the payment of any installment of more than sixty
(60) days. If during the duration of any installment contract single family residence is converted into income
producing property or a multiple family dwelling, all unpaid installment shall become immediately due and
payable. All unpaid installments shall constitute a lien upon the property for which the installation and
connection was made. Upon sale of the property by the contracting homeowner, all unpaid installments
shall immediately become due and payable, unless the buyer of the property shall, by written agreement
with the Guam Waterworks Authority assume such installment contract.
Frequently Asked Questions About Guam § 48123
What does Guam Code Annotated § 48123 cover?
Section 48123 ("Installment Contract.") 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 § 48123?
A common citation format is "Guam Code Annotated § 48123" (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 § 48123 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.