Guam § 50213 - Assignee to Render Accounts; Audit of.

§ 50213. Assignee to Render Accounts; Audit of.

At the expiration of three (3) months from the appointment of the

assignee in any case, or as much earlier as the court may direct, a time and

place shall be fixed by the court at which the assignee shall file just and true

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accounts of all his receipts and payments with proper vouchers, verified by

his oath, and a statement of the property outstanding, specifying the causes

of its remaining outstanding, also what debts or claims are yet

undetermined, and stating what sum remains in his possession, and shall

accompany the same with an affidavit that notice by registered mail has

been given to all creditors named in the schedule filed by the debtor or the

assignee that said accounts will be heard at a time specified in such notice,

which time shall not be less than two (2) weeks nor more than three (3)

months from the filing of such accounts. At the hearing the court shall audit

the accounts of the assignee, and any person interested may appear and file

exceptions thereto and contest the same. The court thereupon shall confirm

said accounts if they shall be found to be correct, or order the same

corrected if errors shall be found therein.

The court shall also, in such hearing, determine the property which

must be deducted from the estate as another's under the provisions of §

50250 of this Chapter, and the right of the claimants to participate in the

dividend, and may order a dividend paid to those creditors whose claims

have been proven and allowed. The decision of the court theretofore

rendered as to whether any claimant was entitled to vote for an assignee

shall not be conclusive upon the right of the claimant to share in such

dividend; but all claimants who were so allowed to vote shall participate in

such dividend unless objections were filed to the same prior to such hearing.

If any objections have been filed against any claim, or if any claimant

was refused the right to vote, the court shall determine said objections and

the rights of all such claimants in such hearing and refuse or allow the same

before the declaration of a dividend. Thereafter, further accounts,

statements, and dividends shall be made in like manner as often as occasion

requires; provided however, that it shall be the duty of the assignee to file

his final account within one (1) year from the date of the order of

adjudication, unless the court, after notice to creditors, shall grant further

time, upon a satisfactory showing that great loss and waste would result to

the estate by reason of the conversion of the property into money within

said time, or that it has been impossible to do so by reason of litigation.