Title 12 — Autonomous Agencies
37 chapters · 1,201 sections in this title.
12 GCA § 72101 Declaration of Intent
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The Legislature hereby finds and determines that loans made for the purpose of assisting land claimants under the Omnibus Territories Act of 1977 (48 U.S.C. 1424c) are of such vital need to the economy of Guam as to warrant additional risk and subsidies not normally assumed or pr…
12 GCA § 72102 Loan Fund Created
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There is created the "Land Claimants Small Loan Revolving Fund" to grant loans to those persons who are eligible to bring proceedings for additional compensation under the provisions of Section 204 of the Omnibus Territories Act of 1977 (P.L. 94-134, 48 U.S.C. 1424c) for addition…
12 GCA § 72103 Definitions
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As used in this Chapter: (a) Land Claimant means any person who has a right under the Omnibus Territories Act of 1977 (P.L. 94-134, 48 U.S.C. 1424c) to request additional compensation for land acquired by the United States between July 21, 1944 and August 23, 1963 and to litigate…
12 GCA § 72104 Appropriation
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The sum of Two Hundred Fifty Thousand Dollars ($250,000) is appropriated from the General Fund to the Land Claimants Small Loan Revolving Fund for the uses and purposes specified in this Chapter, provided that no loan to a land claimant shall exceed the sum of Five Hundred Dollar…
12 GCA § 72105 Administering Authority
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The Board of Directors of the Guam Economic Development Authority shall be the administering authority of the Land Claimants Small Loan Revolving Fund, and the word ‘Board’ as used in this COL120106 Chapter shall refer to that Board of Directors. The word Corporation as used in t…
12 GCA § 72106 Classes of Loan
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There shall only be one (1) class of loan which may only be used by the land claimant for necessary fees, costs and expenses, including expenses of expert witnesses, in connection with litigation, or negotia- tions, for added compensation for property acquired by the United State…
12 GCA § 72107 Eligibility Requirements for Loans
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To be eligible for loans under this Chapter, an applicant shall: (a) Be a person, or the Administrator(trix) of the estate of a deceased person from whom interests in land on Guam were acquired by the United States between July 21, 1944 and August 23, 1963, other than through jud…
12 GCA § 72108 Certificate of Attorney
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Applications for loans shall be accompanied by a certificate from an attorney duly licensed in Guam certifying that he or she has been em- ployed by the claimant to proceed under Section 204 of the Omnibus Territories Act of 1977, and giving the name and case number of the litiga…
12 GCA § 72109 Security for Loans
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Each borrower under the provisions of this Chapter shall execute an assignment of the proceed which he or she may receive from the litigation being conducted, which document shall also state that the applicant has made arrangements with his or her attorney for the appropriate use…
12 GCA § 72110 Conditions
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Every borrower who receives a loan shall comply with the following conditions: (a) Expend no portion of the loan for purposes other than those specified in this Chapter; and (b) Make specific arrangements with the Clerk of Court, or claimant’s attorney, to direct that payment fro…
12 GCA § 72111 Unusual Risks and Subsidies Warranted
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The Corporation is authorized to make loans, or guarantees of loans, in furtherance of the purposes and activities stated in this Chapter, and all loans or guarantees so made need not meet the normal requirements of a usual commercial loan or guarantee and shall not be refused fo…
12 GCA § 72112 Repayment of Loans
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Upon repayment of loans to the Land Claimants Small Loan Re- volving Fund, the Corporation shall pay over the entire balance to the Treasurer of Guam for deposit into the General Fund. SOURCE: GC §53610.11, as added by P.L. 16-111. ---------- COL120106