11 Guam Code Ann. § 100103
Terms Used In 11 Guam Code Ann. § 100103
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
>Action= in the sense of a judicial proceeding includes recoupment, counter-claim, set-off, suit in equity and any other proceedings in which rights are determined.
>Board= when used with an initial capital letter means the
Banking and Insurance Board of Guam.
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>Commissioner= means the Commissioner of Banking and
Insurance.
>Community= means a city, town, municipality or incorporated village in Guam, or where not within any of the foregoing, a trade area in Guam.
>Court= means a court of competent jurisdiction.
>Department= means the Department of Revenue and Taxation.
>Division= means the Division of Insurance, Securities and Banking within the Department of Revenue and Taxation.
>Executive Officer= when referring to a bank, means any person designated as such in the by-laws and includes, whether or not so designated, the president, any vice-president, the treasurer, the cashier, the comptroller and the secretary, or any person who performs the duties appropriate to those offices.
>Fiduciary= means trustee, agent, executor, administrator, committee, guardian or conservator for a minor or other incompetent person, receiver, trustee in bankruptcy, assignee for creditors or any holder of a similar position of trust.
>Good faith= means honesty in fact in the transaction and some reasonable ground for belief that the transaction is rightful or autho-
rized.>Item= means any instrument for the payment of money even
though negotiable, but does not include money.
>Officer= when referring to a bank, means any person designated as such in the by-laws and includes, whether or not so designated, any executive officer, the chairman of the board of directors, the chairman of the executive committee, and any trust officer, assistant vice president, assistant treasurer, assistant cashier, assistant comptroller or any person who performs the duties appropriate to those offices.
>Person= means an individual, corporation, partnership, joint venture, trust estate or unincorporated association.
>Reason to know= means that upon the information available to a person of ordinary intelligence in the particular business, or of the superior intelligence or experience which the person in question may have, would infer that the fact in question exists or that there is
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such a substantial chance of its existence that, if exercising reasonable care with reference to the matter in question, conduct would be predicated upon the assumption of its possible existence.
SOURCE: GC §30002. Amended by P.L. 27-88:3.