Guam § 50058 - Agreements Made Effective.

§ 50058. Agreements Made Effective.

If the decision of the meeting be negative as regards the proposed

agreement or if no decision is had in default of such number or of such

majorities, the proceedings shall be terminated without recourse and the

parties concerned shall be at liberty to enforce the rights which may corre-

spond to them. If the decision is favorable to the debtor, it may be objected

to within ten (10) days following the date of the meeting by any creditor

who attended the meeting, and who dissented from and protested against the

vote of the majority.

The opposition or objection to the decision of the majority favorable to

the debtor shall be proceeded with as in any other incidental motion, the

debtor and the creditors who shall appear declaring their purpose to sustain

the decision of the meeting being the defendants. The court shall hear and

pass upon such objection as soon as possible and in a summary manner, and

in its order, which shall be final, it shall declare whether or not the decision

of the meeting is valid. In case that the decision of the meeting is held to be

null, the court shall declare the proceeding terminated and the parties

concerned at liberty to exercise the rights which may correspond to them;

and in case the decision of the meeting is declared valid, or when no

opposition or objection to said decision has been presented, the court shall

order that the agreement be carried out and the persons concerned shall be

bound by the decision of the meeting. The court may issue all orders which

may be proper to enforce the agreement on motion of any of the parties

litigant. The order directing the agreement to be made effective shall be

binding upon all creditors included in the schedule of the debtor who may

have been properly summoned, but not upon creditors mentioned in §

50056 who failed to attend the meeting or refrained from voting therein, and

their rights shall not be affected by the agreement unless they may have

expressly or impliedly consented thereto.