Sales of Personal Property: Terms of Sale; Confirmation of

Sale; Procedure.

(a)Personal property of an estate may be sold for cash, or upon credit. If a sale of personal property of an estate is made upon credit, not less than twenty-five percent (25%) of the purchase price shall be paid to the personal representative in cash at the time of sale. The personal representative shall take the promissory note of the purchaser for the balance of the purchase money, with a pledge or chattel mortgage of the personal property sold, to secure the payment of such balance, or shall enter into a conditional sales contract with the purchaser under which title to the personal property sold is retained until such balance is paid. The terms of such note and pledge or chattel mortgage, or of such conditional sales contract, shall be approved by the Superior Court at the time of the confirmation of such sale.

(b)Notwithstanding the provisions of subsection

(a)of this Section, the Superior Court may authorize a sale of personal property of an estate on credit on terms providing for less than twenty-five percent (25%) of the purchase price to be paid in cash at the time of the sale, or may waive or modify the requirement that a lien or other security interest shall be retained or taken to secure payment of the balance of the purchase price, when in the opinion of the Superior Court of Guam such terms are for the best interests of the estate and those interested therein, and when the property to be sold is of such a nature that it is impracticable to sell the property for a larger cash payment at the time of sale, or to retain a lien or other security interest therein.

(c)The Superior Court may, by its order made upon proper petition therefor as hereinafter provided, fix the terms and conditions of a sale of personal property of an estate. A petition for such order may be filed by COL120106 CH. 23 PERSONAL REPRESENTATIVE’S DEALINGS WITH ESTATE PROPERTY the personal representative with the Clerk of the Superior Court, who shall set the same for hearing, and notice thereof shall be given in the manner provided in Section 3401 of this Title.

(d)If, upon the hearing of a petition for confirmation of the sale of personal property of an estate, the Superior Court of Guam deter mines that the personal representative's estimate of the fair market value of the personal property sold (such estimate having been made pursuant to the provisions of Section 2613(a)(2) of this Title) was materially incorrect, the Superior Court of Guam may order that the fair market value of such item be appraised by a qualified, disinterested person who shall be appointed as appraiser thereof by the Superior Court of Guam, or it may order the sale vacated, or it may make such other order as shall be proper in the circumstances for the protection of the estate, of all persons interested in the estate, and of the purchaser of the item in question.