Guam § 50203 - Delivery of Debtor's Property to Assignee.

§ 50203. Delivery of Debtor's Property to Assignee.

As soon as the assignee is elected or appointed and qualified, the clerk

of the court shall, by an instrument under seal of the court, assign and

convey to the assignee all the real and personal property, estate, and effects

of the debtor with all his deeds, books, and papers relating thereto, and such

assignment shall relate back to the commencement of the proceedings in

insolvency, and shall relate back to the acts upon which the adjudication

was founded, and by operation of law shall vest the title to all such property,

estate, and effects in the assignee, although the same is then attached on

mesne process, as the property of the debtor. Such assignment shall operate

to vest in the assignee all of the estate of the insolvent debtor not exempt by

law from execution. It shall also dissolve any attachment levied within one

(1) month next preceding the commencement of the insolvency proceedings

and vacate and set aside any judgment entered in any action commenced

within thirty (30) days immediately prior to the commencement of

insolvency proceedings any shall vacate and set aside any execution issued

thereon and shall vacate and set aside any judgment entered by default or

consent of the debtor within thirty (30) days immediately prior to the

commencement of the insolvency proceedings.