Guam § 50150 - Acts of Insolvency, What Constitute.

§ 50150. Acts of Insolvency, What Constitute.

An adjudication of insolvency may be made on the petition of two or

more creditors, and the amount of which credits or demands are in the

aggregate not less than one thousand dollars ($1,000.00); provided, that

none of said creditors has become a creditor by assignment, however made,

within thirty (30) days prior to the filing of said petition. Such petition must

be filed in the Superior Court. The following shall be considered acts of

insolvency, and the petition for insolvency shall set forth one or more of

such acts:

1. That such person is about to depart or has departed from Guam,

with intent to defraud his creditors;

2. That being absent from Guam, with intent to defraud his

creditors, he remains absent;

3. That he conceals himself to avoid the service of legal process

for the purpose of hindering or delaying or defrauding his creditors;

4. That he conceals, or is removing, any of His property to avoid

its being attached or taken on legal process;

5. That he has suffered his property to remain under attachment or

legal process for three (3) days for the purpose of hindering or

delaying or defrauding his creditors;

6. That he has confessed or offered to allow judgment in favor of

any creditor or claimant for the purpose of hindering or delaying or

defrauding any creditor or claimant;

7. That he has willfully suffered judgment to be taken against him

by default for the purpose of hindering or delaying or defrauding his

creditors;

8. That he has suffered or procured his property to be taken on

legal process with intent to give a preference to one or more of his

creditors;

9. That he has made any assignment, gift, sale, conveyance, or

transfer of his estate, property, rights, or credits with intent to delay,

defraud, or hinder his creditors;

10. That he has, in contemplation of insolvency, made any

payment, gift, grant, sale, conveyance, or transfer of his estate, prop-

erty, rights, or credits;

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11. That being a merchant or tradesman he has generally defaulted

in the payment of his current obligations for a period of thirty (30)

days;

12. That for a period of thirty (30) days he has failed, after

demand, to pay any moneys deposited with him or received by him in

a fiduciary capacity; and,

13. That an execution having been issued against him on final

judgment for money, he shall have been found to be without sufficient

property subject to execution to satisfy the judgment. The petitioner

may, from time to time, by leave of the court, amend and correct the

petition, so that the same shall conform to the facts, such amendments

to relate back to and be received as embraced in the original petition.