§ 66101 Who are Trustees
§ 66102 Creation of Trust
§ 66103 Trustees Appointed by Court
§ 66104 Declaration of Trust
§ 66105 What is Included in Declaration
§ 66201 Trustee Must Obey Trust
§ 66203 Duty of Trustee as to Appointment of Successor
§ 66204 Investment of Money
§ 66205 Interest on Trust Moneys, Omission to Invest
§ 66206 Purchase by Trustee of Claims Against Trust Fund
§ 66301 Trustee\’s Power as Agent
§ 66302 All must Act
§ 66303 Discretionary Powers
§ 66401 Indemnification of Trustee
§ 66402 Compensation of Trustee
§ 66403 Involuntary Trustee
§ 66501 Trust, How Extinguished
§ 66502 Not Revocable
§ 66503 Trustee\’s Office, How Vacated
§ 66504 Trustee, How Discharged
§ 66505 Removal of Trustees by Court
§ 66601 Appointment by Court to Fill Vacancy
§ 66602 Survivorship Between Co-trustees
§ 66603 Court Trustee
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Terms Used In Guam Code > Title 18 > Chapter 66 - Trusts for the Benefit of Third Persons

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Executor: A male person named in a will to carry out the decedent
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Probate: Proving a will
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.