5 GCA § 60304

Security of Loans. Mortgages

Guam Code AnnotatedTitle 5 — Government Operations

Any loan in excess of Five Thousand Dollars ($5,000) shall be secured by duly recorded first mortgage upon any of the following property within the territory:

(1)Fee simple farmland.

(2)Leaseholds of farmland where the lease has an unexpired term of at least two

(2)years longer than the term of loan.

(3)Crops, livestock and equipment.

(4)Other chattels.

§ The story of this section

Enacted by P.L. 11-119 (bill & sponsor pending — earlier Legislature not yet ingested)
Amended by P.L. 20-105 § 1 (bill & sponsor pending — earlier Legislature not yet ingested)

Reconstructed from the Guam Code Annotated. For the authoritative version, see the official PDF.