18 GCA § 17603
(d) At any time before foreclosure under Subsection (c) of this Section, the member or transferee
View official PDF ↗whose financial rights are subject to a charging order under Subsection
(a)may extinguish the charging order by satisfying the judgment and filing a certified copy of the satisfaction with the court that issued the charging order.
(e)At any time before foreclosure under Subsection
(c)of this Section, the limited cooperative association or one
(1)or more members whose financial rights are not subject to the charging order may pay to the judgment creditor the full amount due under the judgment and thereby succeed to the rights of CH. 17 THE GUAM UNIFORM LIMITED COOPERATIVE ASSOCIATION ACT the judgment creditor, including the charging order. Unless the organic rules otherwise provide, the association may act under this Subsection only with the consent of all members whose financial rights are not subject to the charging order.
(f)If a court forecloses a charging order lien against the sole member of a limited cooperative association:
(1)the court shall confirm the sale;
(2)the purchaser at the sale obtains the member’s entire interest, not only the member’s financial rights;
(3)the purchaser thereby becomes a member; and
(4)the person whose interest was subject to the foreclosed charging order is dissociated as a member.
(5)This Act does not deprive any member or transferee of the benefit of any exemption law applicable to the member’s or transferee’s financial rights.
(g)This Section provides the exclusive remedy by which a person seeking in the capacity of judgment creditor to enforce a judgment against a member or transferee may satisfy the judgment from the judgment debtor’s financial rights. ARTICLE 7 MARKETING CONTRACTS
Reconstructed from the Guam Code Annotated. For the authoritative version, see the official PDF.