11 Guam Code Ann. § 35102
Terms Used In 11 Guam Code Ann. § 35102
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(a) State means any of the United States, the District of Columbia, Puerto Rico, the Virgin Islands, American Samoa and the Trust Territory of the Pacific Islands.
(b) American lender means (1) a member of the Federal Reserve System, an insured bank as defined in the Federal Savings and Loan Insurance Corporation Act, a federally chartered savings and loan association, a real estate investment trust as defined in the Internal Revenue Code, or an insurance company, the principal office of which is in a state, whether incorporated or unincorporated and whether investing in its individual capacity or in a fiduciary capacity; (2) the trustee or trustees from time to time in office of any employee benefit plan; (3) any corporation all of the capital stock of which (except directors= qualifying shares) is owned by one or more American lenders of the classes specified in clauses (1) and (2) of this paragraph; but the term American lender does not include any small loan or industrial loan company or similar business.
(c) Employee benefit plan means any plan, fund, or program which was heretofore or is hereafter established in and under the laws of a state by an employer or by an employee organization, or
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11 Guam Code Ann. FINANCE & TAXATION
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both, for the purpose of providing for its participants or their beneficiaries, through the purchase of insurance or annuity contracts or otherwise, medical, surgical or hospital care or benefits, or benefits in the event of sickness, accident, disability, death, or unemployment, or retirement benefits, and includes any profit- sharing plan which provides benefits at or after retirement. As used in the preceding sentence, the term employee organization means any labor union or any organization of any kind, or any agency or employee representation committee, association, group, or plan in which employees participate and which exists for the purpose, in whole or in part, of dealing with employers concerning an employee benefit plan or other matters incidental to employment relationships or any employees= beneficiary association organized for the purpose, in whole or in part, or establishing such a plan.
(d) Loans means obligations secured by liens upon real property, or any interest in real property, situated in Guam, which liens may also cover such personal property as is or may from time to time be affixed or attached to or located on or in or about the real property or any improvements thereon or thereto, and include obligations secured by liens upon real property interests therein situated both within and without Guam.
SOURCE: GC § 43600.1.