Guam § 50158 - Bonds, Conditions; Exceptions.

§ 50158. Bonds, Conditions; Exceptions.

In all cases where property is taken into custody by the commissioner, as

provided in the preceding section, if it does not embrace all the property and

effects of the debtor not exempt from execution, any other creditor or creditors

of the debtor, upon giving bond to be approved by the court in double the

amount of their claims, singly or jointly, shall be entitled to similar orders, and

to like action, by the commissioner, until all claims be provided for, if there be

sufficient property or effects. All property taken into custody by the

commissioner by virtue of the giving of any such bonds shall be held by him

for the benefit of all creditors of the debtor whose claims shall be duly proved,

and as provided in this section. The bonds provided for in this and the

preceding section to procure the order for the custody of the property and

effects of the debtor shall be conditioned that if, upon final hearing of the

petition in insolvency, the court shall find in favor of the petitioners, such bonds

and all of them shall be void; if the decision be in favor of the debtor, the

proceedings shall be dismissed and the debtor, his heirs, administrators,

executors, or assigns shall be entitled to recover such sum of money as shall be

sufficient to cover the damages sustained by him, not to exceed the amount of

the respective bonds. Such damages shall be fixed and allowed by the court if

either the petitioners or the debtor shall appeal from the decision of the court,

upon final hearing of the petition the appellant shall be required to give

undertaking to the successful party in a sum double the amount of the value of

the property in controversy, and for the costs of the proceedings. Such

undertaking shall be approved by the court.

Any person interested in the estate may except to the sufficiency of the

sureties on such bond or bonds. When excepted to, the petitioner's sureties,

upon notice to the person excepting of not less than two (2) nor more than five

(5) days, must justify as to their sufficiency; and upon failure to justify, or if

others in their places fail to justify at the time and place appointed, the judge

shall issue an order vacating the order to take the property of debtor into the

custody of the commissioner, or denying the appeal, as the case may be.