Guam § 50104 - Order of Court; Appointment of a Receiver.

§ 50104. Order of Court; Appointment of a Receiver.

Upon receiving and filing said petition, schedule, and inventory, the

court shall make an order declaring the petitioner insolvent, and directing a

commissioner of a district to take possession of, and safely keep, until the

appointment of a receiver or assignee, all the deeds, vouchers, books of

account, papers, notes, bonds, bills, and securities of the debtor, and all his

real and personal property, estate, and effects, except such as may be by law

exempt from execution. Said order shall further forbid the payment to the

debtor of any debts due to him and the delivery to the debtor, or to any

person for him, of any property belonging to him, and the transfer of any

property by him, and shall further appoint a time and place for a meeting of

the creditors to choose an assignee of the estate. The order shall be

published in the manner and form used in Guam for such times and periods

as the court may prescribe. The time appointed for the election of an

assignee shall not be less than two (2) weeks, nor more than three (3)

months, from the date of the order of adjudication. Upon the granting of the

order, all civil proceedings pending against the said insolvent shall be

stayed. When a receiver is appointed, or an assignee chosen, as provided by

this Title, the commissioner shall there-upon deliver to such receiver or

assignee, as the case may be, all the property, assets, and belongings of the

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insolvent which have come into his possession, and he shall be allowed and

paid as compensation for his services the same expenses and fees as would

by law be collectible if the property had been levied upon and safely kept

under attachment.