Guam § 50555 - Receivers.
Full text of Guam Guam Code Annotated § 50555 — Receivers., with citation guidance and answers to common questions.
§ 50555. Receivers.
Upon the filing of either a voluntary or involuntary petition in
insolvency, a receiver may be appointed by the court in which the
proceeding is pending, at any time before the election of an assignee, when
it appears by the verified petition of a creditor that the assets of the
insolvent, or a considerable portion thereof, have been pledged, mortgaged,
transferred, assigned, conveyed, or seized, on legal process, in
contravention or violation of the provisions of § 50500 of this Chapter, and
that it is necessary to commence an action to recover the same. The
appointment, oath, undertaking, and powers of such receiver shall in all
respects be regulated by the laws of Guam applicable to receivers. When an
assignee is chosen, and has qualified, the receivers shall forthwith return to
court an account of the assets and property which have come into his
possession, and of his disbursements, and a report of all actions or
proceedings commenced by him for the recovery of any property belonging
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to the estate, and the court shall thereupon summarily hear and settle the
receiver's account, and shall allow him a just compensation for his service
and his expenses, including a reasonable attorney's fee, whereupon the
receiver shall deliver all property, assets, or effects remaining in his hands,
to the assignee who shall be substituted for the receiver in all pending
actions or proceedings.
Frequently Asked Questions About Guam § 50555
What does Guam Code Annotated § 50555 cover?
Section 50555 ("Receivers.") 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 § 50555?
A common citation format is "Guam Code Annotated § 50555" (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 § 50555 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.