Guam § 50355 - Mutual Debts and Credits; Set-off.
Full text of Guam Guam Code Annotated § 50355 — Mutual Debts and Credits; Set-off., with citation guidance and answers to common questions.
§ 50355. Mutual Debts and Credits; Set-off.
In all cases of mutual debts and mutual credits between the parties, the
account between them shall be stated, and one debt set off against the other,
and the balance only shall be allowed and paid. But no set-off or
counterclaim shall be allowed of a claim in its nature not provable against
the estate; provided, that no set-off or counterclaim shall be allowed in
favor of any debtor to the insolvent of a claim purchased by or transferred to
such debtor within thirty (30) days immediately preceding the filing, or after
the filing of the petition by or against the insolvent.
Frequently Asked Questions About Guam § 50355
What does Guam Code Annotated § 50355 cover?
Section 50355 ("Mutual Debts and Credits; Set-off.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 50355?
A common citation format is "Guam Code Annotated § 50355" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 50355 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.