Guam § 50250 - Property Exempt from Disposition for the Benefit of Creditors.

§ 50250. Property Exempt from Disposition for the Benefit of Creditors.

Merchandise, effects, and any other kind of property found among the

property of the insolvent, the ownership of which has not been conveyed to

him by a legal and irrevocable title, shall be considered to be the property of

other persons and shall be placed at the disposal of its lawful owners on

order of the court made at the hearing mentioned in § 50213, or at any

ordinary hearing, if the assignee or any creditor whose right in the estate of

the insolvent has been established shall petition in writing for such hearing

and the court in its discretion shall so order, the creditors, however,

retaining such rights in said property as belong to the insolvent, and subro-

gating him whenever they shall have complied with all obligations

concerning said property. The following shall be included in this section:

1. All the separate property of the wife, owned by her before

marriage, and that acquired afterwards by gift, bequest, devise, or

descent, with the rents, issues and profits thereof, as provided in 19

GCA §§ 6111 - 6114.

2. Property and effects deposited with the insolvent, or

administered, leased, rented, or held in trust by him.

3. Merchandise in the possession of the insolvent, on commission,

for purchase, sale, forwarding, or delivery.

4. Bills of exchange or promissory notes without endorsement or

other expression transferring ownership remitted to the insolvent for

collection and all others acquired by him for the account of another

person, drawn, or endorsed to the remittor direct.

5. Money remitted to the insolvent, otherwise than on current

account, and which is in his possession for delivery to a definite person

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in the name and for the account of the remitter or for the settlement of

claims which are to be met at the insolvent's domicile.

6. Amounts due the insolvent for sales of merchandise on

commission, and bills of exchange and promissory notes derived there-

from in his possession, even when the same are not made payable to

the owner of the merchandise sold, provided it is proven that the

obligation to the insolvent is derived therefrom and that said bills of

exchange and promissory notes were in the possession of the insolvent

for account of the owner of the merchandise to be cashed and remitted,

in due time, to the said owner; all of which shall be a legal

presumption when the amount involved in any such sale shall not have

been credited on the books of both the owner of the merchandise and

of the insolvent.

7. Merchandise bought on credit by the insolvent so long as the

actual delivery thereof has not been made to him at his store or at any

other place stipulated for such delivery, and merchandise the bills of

lading or shipping receipts of which have been sent him after the same

has been loaded by order of the purchaser and for his account and risk.

In all cases arising under this section assignees may retain the

merchandise so purchased or claim it for the creditors by paying the

price thereof to the vendor.

8. Goods or chattels wrongfully taken, converted, or withheld by

the insolvent if still existing in his possession or the amount of the

value thereof.