Guam § 50356 - Creditor Holding Mortgage or Lien.
Full text of Guam Guam Code Annotated § 50356 — Creditor Holding Mortgage or Lien., with citation guidance and answers to common questions.
§ 50356. Creditor Holding Mortgage or Lien.
When a creditor has a mortgage, or pledge of real or personal property
of the debtor, or a lien thereon, for securing the payments of a debt owing to
him from the debtor, or an attachment or execution on property of the
debtor duly recorded and not dissolved under this Title, he shall be admitted
as a creditor for the balance of the debt only, after deducting the value of
such property, such value to be ascertained by agreement between him and
the receiver, if any, and if no receiver, then upon such sum as the court may
decide to be fair and reasonable, before the election of an assignee, or by a
sale thereof, to be made in such manner as the court shall direct; or the
creditor may release or convey his claim to the receiver, if any, or if no
receiver then to the commissioner, before the election of an assignee, or to
the assignee if an assignee has been elected upon such property, and be
admitted to prove his whole debt. If the value of the property exceeds the
sum for which it is held as security, the assignee may release to the creditor
the debtor's right of redemption thereon on receiving such excess; or he may
sell the property, subject to the claim of the creditor thereon, and in either
case the assignee and creditor, respectively, shall execute all deeds and
writings necessary or proper to consummate the transaction. If the property
is not sold or released, or delivered up, or its value fixed, the creditor shall
not be allowed to prove any part of his debt, but the assignee shall deliver to
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the creditor all such property upon which the creditor holds a mortgage,
pledge, or lien, or upon which he has an attachment or execution.
Frequently Asked Questions About Guam § 50356
What does Guam Code Annotated § 50356 cover?
Section 50356 ("Creditor Holding Mortgage or Lien.") 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 § 50356?
A common citation format is "Guam Code Annotated § 50356" (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 § 50356 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.