Guam § 50500 - Transfers, Etc., Defraud Creditors.

§ 50500. Transfers, Etc., Defraud Creditors.

If any debtor being insolvent, or in contemplation of insolvency,

within thirty (30) days before the filing of a petition by or against him, with

a view to giving a preference to any creditor or person having a claim

against him or who is under any liability for him, procures any part of his

property to be attached, sequestered, or seized on execution, or makes any

payment, pledge, mortgage, assignment, transfer, sale, or conveyance of any

part of his property, either directly or indirectly, absolutely or conditionally,

to anyone, the person receiving such payment, pledge, mortgage,

assignment, transfer, sale or conveyance, or to be benefited thereby, or by

such attachment or seizure, having reasonable cause to believe that such

debtor is insolvent, and that such attachment, sequestration, seizure,

payment, pledge, mortgage, conveyance, transfer, sale, or assignment is

made with a view to prevent his property from coming to his assignee in

insolvency, or to present the same from being distributed ratably among his

creditors, or to defeat the object of, or in any way hinder, impede, or delay

the operation of or to evade any of the provisions of this title, such

attachment, sequestration, seizure, payment, pledge, mortgage, transfer,

sale, assignment, or conveyance is void, and the assignee, or the receiver,

may recover the property, or the value thereof, as assets of such insolvent

debtor.

If such payment, pledge, mortgage, conveyance, sale, assignment, or

transfer is not made in the usual and ordinary course of business of the

debtor, or if such seizure is made under a judgment which the debtor has

confessed or offered to allow, that fact shall be prima facie evidence of

fraud.

Any payment, pledge, mortgage, conveyance, sale, assignment, or

transfer of property of whatever character made by the insolvent within one

(1) month before the filing of a petition in insolvency by or against him,

except for a valuable pecuniary consideration made in good faith, shall be

void.

COL120106

All assignments, transfers, conveyances, mortgages, or encumbrances

of real estate shall be deemed under this section, to have been made at the

time the instrument conveying or affecting such realty was filed for record

in the Department of Land Management.