Guam § 50400 - Compositions: When and How Made.
Full text of Guam Guam Code Annotated § 50400 — Compositions: When and How Made., with citation guidance and answers to common questions.
§ 50400. Compositions: When and How Made.
An insolvent debtor may offer terms of composition to his creditors
after, but not before, he has filed in court a schedule of his property and list
of his creditors as provided in this Chapter. An application for the
confirmation of a composition may be filed in insolvency court after, but
not before, it has been accepted in writing by a majority in number of all
creditors whose claims have been allowed, which number must represent a
majority in amount of such claims and after the consideration to be paid by
the insolvent debtor to his creditors and the money necessary to pay all
debts which have priority and the costs of proceedings have been deposited
in such place as shall be designated by and subject to the order of the court.
Frequently Asked Questions About Guam § 50400
What does Guam Code Annotated § 50400 cover?
Section 50400 ("Compositions: When and How Made.") 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 § 50400?
A common citation format is "Guam Code Annotated § 50400" (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 § 50400 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.