{"data":{"id":"us-gu/14-gca-2407","jurisdiction":"us-gu","citation":"14 GCA § 2407","heading":"Restriction on Security in Sales or Leases.","body":"(1) With respect to a consumer credit sale, a seller may take a security interest in the goods sold, in goods installed in or affixed to the goods sold, and in property to which the goods are affixed. The seller may also take a security interest in property of the buyer to secure the debt arising from a consumer credit sale primarily for an agricultural purpose. Except as provided with respect to cross-collateral (§ 2408), a seller may not otherwise take a security interest in property of the buyer to secure the debt arising from a consumer credit sale unless the sale involves maintenance, repair or improvement of the buyer's property. In this case a seller may take a security interest in the property affected, if in the case of a security interest in real property the debt secured is Five Hundred Dollars ($500.00), or more, or, in the case of a security interest in personal property the debt secured is One Hundred Fifty Dollars ($150.00) or more.\n(2) With respect to a consumer lease, a lessor may not take a security interest in property of the lessee to secure the debt arising from the lease.\n(3) A security interest taken in violation of this section is void.\n(4) The amounts of Five Hundred Dollars ($500.00) and One Hundred Fifty Dollars ($150.00) in subsection (1) are subject to change pursuant to the provisions on adjustment of dollar amounts (§ 1106).","path":["Title 14: Uniform Consumer Credit Code","Chapter 2: Credit Sales","ARTICLE 4: LIMITATIONS ON AGREEMENTS AND PRACTICES"],"source_url":"https://col.guamcourts.gov/sites/default/files/14gc002.pdf","current_through":"P.L. 38-133 (June 4, 2026)","vintage":"","retrieved_at":"2026-09-27T03:29:28Z","sha256":"cdcf6c4411798898172117dab2778c4e9f310629495bd20f5af9e0a9832e2ff4","source_id":"us-gu","stale":false,"prev":"us-gu/14-gca-2406","next":"us-gu/14-gca-2408"},"notice":"GroundRules: Original legal text. Not legal advice."}