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Secured Transactions; Sales of Accounts and Chattel Paper > Short Title: Applicability And Definitions
Short Summary
This legal document, part of the Guam Code Annotated and the Uniform Commercial Code, specifically governs secured transactions and sales of accounts and chattel paper. It provides definitions for various terms used in this division and outlines the transactions and collateral covered by this division. The document also specifies exemptions where this division does not apply, such as specific security interests governed by other statutes, transfers of claims for employee compensation, and transfers by government entities. It does not mention any specific penalties for non-compliance or violation. Overall, this document serves as a guide for persons involved in secured transactions and sales of accounts and chattel paper, providing definitions and outlining the scope of applicability for this division.
Whom does it apply to?
Persons involved in secured transactions and sales of accounts and chattel paper.
What does it govern?
This legal document, part of the Guam Code Annotated, specifically falls under the Uniform Commercial Code and governs secured transactions and sales of accounts and chattel paper.
What are exemptions?
Exemptions include security interests governed by specific statutes of the United States, liens given by statute or other rule of law for services or materials (except as provided in Section 9310), transfers of claims for employee compensation, transfers by government entities, sales or assignments of accounts or chattel paper in specific circumstances, loans made by insurance companies solely secured by a policy or contract, rights represented by a judgment (except for judgments taken as collateral), rights of setoff, creation or transfer of interests or liens on real estate, and transfers of claims arising out of tort.
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned.
Jurisdiction
Guam