Guam § 50155 - Court Order, What to Include. Stay of Proceedings Against

§ 50155. Court Order, What to Include. Stay of Proceedings Against

Debtor. Appointment of an Assignee or Receiver.

If the respondent shall make default, or if, after trial, the issues are

found in favor of the petitioners, the court shall make an order adjudging

that said respondent is, and was at the time of filing the petition, an

insolvent debtor and that the debtor was guilty of the acts and things

charged in the petition, or such of them as the court may find to be true; and

shall require said debtor, within such time as the court may designate, not to

exceed three (3) days, to file in court the schedule and inventory provided

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for in § 50101 and § 50102 of this Title, duly verified as required of a

petitioning debtor; provided, that in the affidavit of the insolvent debtor,

touching his property and its disposition, he shall not be required to swear

that he has not made any fraudulent preference or committed any other act

in conflict with the provisions of law; but he may do so if he desires.

The order shall further direct a commissioner, or the receiver, if one

has been theretofore appointed, to take possession of and safely keep, until

the appointment of an assignee, all the deeds, vouchers, books of accounts,

papers, notes, bills, bonds, 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.

The order shall further forbid the payment to the debtor of any debts

due to him, and the delivery to the debtor, or 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. Said order shall be published as often as

may be prescribed by the court.

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 said order, all civil proceedings

pending against the said insolvent shall be stayed. When an assignee is

chosen as provided in this Chapter, the commissioner or receiver, if there be

one, shall thereupon deliver to such assignee all the property, estate, and

belongings of the 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.