Compromise and Settlement of Claims; Procedure; Effect

After the lapse of sixty

(60)calendar days from the issuance of letters, the personal representative, with the approval of the Superior Court, may compromise, compound or settle any claim or demand by or against the estate or any suit brought by or against the personal representative as such, by the transfer of specific assets of the estate or otherwise. To obtain such approval, the personal representative shall file a verified petition with the Clerk of the Superior Court showing the advantage of the compromise, composition or settlement. The Clerk of the Superior Court shall set the petition for hearing, and notice thereof shall be give in the manner provided in Section 3401 of this Title. If under this Section the Superior Court authorizes the transfer of real property of the estate, conveyances shall be executed by the personal representative in the same manner as provided in Section 2351 of this Title and such conveyances shall have the same force and effect as conveyances executed pursuant to that Section, and a certified copy of the order authorizing the transfer must be recorded in the Department of Land Management of the Government of Guam.