Guam § 50401 - Hearing and Confirmation.
Full text of Guam Guam Code Annotated § 50401 — Hearing and Confirmation., with citation guidance and answers to common questions.
§ 50401. Hearing and Confirmation.
A time shall be fixed by the court for the hearing upon an application
for the confirmation of a composition, and for the hearing of such
objections as may be made to its confirmation. The court shall confirm a
composition if satisfied that (1) it is for the best interest of the creditors; (2)
that the insolvent debtor has not been guilty of any of the acts, or of a
failure to perform any of the duties which would create a bar to his dis-
charge; and (3) that the offer and its acceptance are in good faith, and have
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not been made or procured except as herein provided, or by any means,
promises, or acts herein forbidden. Upon the confirmation of a composition,
the consideration shall be distributed as the judge directs, and the case
dismissed, and the title to the insolvent debtor's property shall revest in him.
Whenever a composition is not confirmed, the estate in insolvency shall be
administered as herein provided. The court may, upon application of a party
in interest, filed at any time within six (6) months after the composition has
been confirmed, set the same aside, and reinstate the case if it shall be made
to appear upon a trial that fraud was practiced in the procuring of such
composition, and that the knowledge thereof has come to the petitioner
since the confirmation of such composition.
Frequently Asked Questions About Guam § 50401
What does Guam Code Annotated § 50401 cover?
Section 50401 ("Hearing and Confirmation.") 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 § 50401?
A common citation format is "Guam Code Annotated § 50401" (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 § 50401 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.