Resource information
This Chapter defines mortgages and the legal obligations they create and prescribes how mortgages are created, renewed and extended, their effects on real property, how they are to be extinguished, etc. Mortgage is a contract by which specific property is hypothecated for the performance of an act, without the necessity of a change of possession. A mortgage can be created, renewed or extended, only by writing, executed with the formalities required in the case of a grant of real property. Every transfer of an interest in property, made only as a security for the performance of another act, is to be deemed a mortgage. Every transfer of conveyance of any interest in real property by deed of trust or otherwise, with right reserved to repurchase, executed and delivered to secure the performance of another act, is to be deemed a mortgage.
Amended by: Guam Secure and Fair Enforcement for Mortgage Licensing Act of 2010 (Public Law 30-151 - An Act to add a new Article 3 to Chapter 36 of Title 18, Guam Code Annotated, relative to the establishment of a secure and fair enforcement for Mortgage Licensing Act). (2010-05-25)
