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CHASE MANHATTAN BANK v. GEMS-BY-GORDON

No. 79-4629.

649 F.2d 710 (1981)

CHASE MANHATTAN BANK, N. A., Plaintiff-Appellant, v. GEMS-BY-GORDON, INC., Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided June 29, 1981.

Attorney(s) appearing for the Case

Howard Trapp, Trapp, Gayle, Teker, Lacy, Moore & Layne, Agana, Guam, for plaintiff-appellant.

Matthew C. Gruskin, Barrett, Ferenz, Bramhall, Williams & Gruskin, Agana, Guam, for defendant-appellee.

Before MARKEY, Chief Judge, United States Court of Customs and Patent Appeals, and HUG and POOLE, Circuit Judges.

POOLE, Circuit Judge:

The Chase Manhattan Bank, N.A. (Chase) seeks to impose and foreclose an equitable mortgage on real property located in Agana, Guam. The equitable mortgage is said to arise from an agreement executed in connection with a loan transaction. Both the Superior Court of the Territory of Guam and the United States District Court for the District of Guam, Appellate Division, refused to enforce the negative pledge as an equitable mortgage. We affirm....

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