Guam § 50200 - Filing and Proof of Claims; Exceptions to. Creditors permitted

§ 50200. Filing and Proof of Claims; Exceptions to. Creditors permitted

to Vote.

No creditor shall be entitled to vote for the election of an assignee

unless he shall have filed his claim in the office of the clerk of the court at

least two (2) days prior to the time appointed for such election. All claims

shall contain a statement showing the amount and nature of the claim and

security, if any. The claim shall be verified by the claimant, or his duly

authorized agent or attorney. No claim barred by the statute of limitations

shall be proved or allowed against the estate of an insolvent debtor for any

purpose. Any person interested in the estate of the insolvent may file

exceptions to the legality or good faith of any claim, by setting forth specifi-

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cally in writing his interest in the estate, and the ground of his objection to

such claim. Such exceptions shall be verified by the affidavit of the party

objecting, or his duly authorized agent or attorney, and the affidavit shall set

out that such exceptions are not made for the purpose of delay and are made

in good faith in the best interest of said estate. Exceptions to any claim must

be filed with the clerk of the court at least one (1) day before the time

appointed for the election of an assignee, and such exceptions shall be heard

and disposed of by the court, on affidavit or other evidence, in a summary

manner, before the election of an assignee. No creditor or claimant who

holds any mortgage, pledge, or lien of any kind whatever as security for the

payment of his claim or attachment or execution on property of the debtor

duly recorded and not dissolved under this Title shall be permitted to vote at

the election of the assignee any part of his secured claim unless he shall first

have the value of such security fixed as provided in § 50356 of this Chapter,

or shall surrender to the commissioner or receiver of the estate of the

insolvent debtor, if there be a receiver, all such property, or assign such lien

to such commissioner or receiver. The surrender or assignment of such

security or lien shall be for the benefit of all creditors of the estate of the

insolvent. The value of such security, if fixed by the court, shall be so fixed

at least one (1) day before the day appointed for the election of an assignee,

in which event the claimant may prove his demand as provided in this

section for any unsecured balance, subject to the filing of exceptions as in

all other claims.