Guam § 50201 - Election of an Assignee; Bond Required.

§ 50201. Election of an Assignee; Bond Required.

At a meeting of the creditors in open court, or if the court is not in

session, in the presence of the judge or the clerk of court, those being

entitled to vote, as provided by the preceding section, shall proceed to the

election of an assignee. The majority of the creditors who have proven their

claims, such majority being both in number and amount, must concur for

the election of an assignee. The clerk of the court must keep minutes of the

deliberations of the creditors, and of the election and appointment of the

assignee, and enter the same upon the records of the court, and, in the

absence of the judge, shall send a copy of such record to him at the place

where he may be found. The assignee shall file, within five (5) days, unless

the time be extended by the court, with the clerk, a bond, in an amount to be

fixed by the court, to the government of Guam, with two or more sufficient

sureties, approved by the court, and conditioned upon the faithful

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performance of the duties devolving upon him. The bond shall not be void

upon the first recovery, but may be sued upon from time to time by any

person aggrieved, in his own name, until the whole penalty be exhausted.

The sureties on such bond may be required to justify as to their sufficiency

upon the application of any party interested.