Release Bond

If any person disputes the correctness or validity of any claim of lien, he may record with the Department of Land Management, either before or after the commencement of any action to enforce such claim of lien, a bond executed by a corporation authorized to issue surety bonds in Guam, in a penal sum equal of one and one-half (1 ½) times the amount of the claim, which bond shall be conditioned for the payment of any sum which the claimant may recover on the claim together with his costs of suit in the action, if he recovers therein. Upon recording of such bond, the real property described in such bond is released from the lien and the surety shall be substituted for the owner as a party defendant in any lien foreclosure action. COL5/8/2020 CH. 33 LIENS IN GENERAL