Taitano v Calvo Finance Corp [2009] GUSC 9; 2009 Guam 09 (21 September 2009)

IN THE SUPREME COURT OF GUAM

JOSEPH SANTIAGO TAITANO,
ATTORNEY-IN-FACT FOR THE HEIRS OF DELORES TORRES FLORES,
THE HEIRS OF MANUAL TORRES FLORES, AND
THE HEIRS OF LUIS TORRES FLORES,
Plaintiffs-Appellants,

V.

CALVO FINANCE CORP., REMEDIOS TORRES FLORES,
WILLIE TORRES FLORES, AND DAVID TORRES CRUZ,
Defendants-Appellees.

Supreme Court Case No.: CVA07-001
Superior Court Case No.: CV0365-03

OPINION ON REHEARING

Filed: September 21, 2009
Cite as: 2009 Guam 9

Appeal from the Superior Court of Guam
Argued and submitted on October 17, 2007
Hagåtña, Guam

Appearing for Plaintiffs-Appellants: Stephanie G. Flores, Esq. Ste. 202 Quan Bldg. 324 W. Soledad St. Hagåtña, Guam 96910 James L. Canto II, Esq. Shimizu Canto & Fisher Ste. 101 De La Corte Bldg. 167 E. Marine Corps Dr. Hagåtña, Guam 96910

Appearing for Defendants-Appellees: For Calvo Finance Corp.: Michael A. Pangelinan, Esq., Daniel M. Benjamin, Esq., Sophia S. Diaz, Esq. Calvo & Clark, LLP 259 Martyr St., Ste. 100 Hagåtña, Guam 96910 For David Torres Cruz: Benjamin C. Sison, Jr., Esq. Ste. 306 San Ramon Bldg. 110 San Ramon St. Hagåtña, Guam 96910 For Remedios Torres Flores and Willie Torres Flores: Jon A. Visosky, Esq. Dooley, Roberts & Fowler, LLP Ste. 201 Orlean Pacific Plaza 865 S. Marine Corps Dr. Tamuning, Guam 96913 Filing amicus curiae brief for Title Guaranty of Guam, Pacific American Title Co., and Security Title, Inc.: Edwin K.W. Ching, Esq. 330 Hernan Cortez Ave., Ste. 200 Hagåtña, Guam 96910 Filing supplemental amicus curiae brief for Title Guaranty of Guam, Pacific American Title Co., and Security Title, Inc.: Randall Todd Thompson, Esq. Mair, Mair, Spade & Thompson, L.L.C. Ste. 801, DNA Bldg. 238 A.F.C. Flores St. Hagåtña, Guam 96910 Filing amicus curiae brief for Guam Bankers Association: Meredith M. Sayre, Esq. Elyze J. McDonald, Esq. Carey M. Austin, Esq. Carlsmith Ball LLP Bank of Hawaii Bldg. 134 W. Soledad Ave., P.O. Box BF Hagåtña, Guam 96932

BEFORE: F. PHILIP CARBULLIDO, Chief Justice; RICHARD H. BENSON, Justice Pro Tempore; J. BRADLEY KLEMM, Justice Pro Tempore.

CARBULLIDO, C.J.: