11 Guam Code Ann. § 127113
Terms Used In 11 Guam Code Ann. § 127113
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Fiduciary: A trustee, executor, or administrator.
- Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
- 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.
- Personal property: All property that is not real property.
- Trustee: A person or institution holding and administering property in trust.
(1) procure and serve upon the association at the office at which the account is carried or the property held a restraining order, injunction or other appropriate order against the association from a court of competent jurisdiction in an action in which the adverse claimant and all persons in whose name such account stands or for whose account such property is held are parties; or
(2) execute and deliver to the association at the office at which the account is carried or the property held a bond in form and with surety acceptable to it and in an amount fixed by the association, but which amount in no event need be more than twice the value of the shares or investment certificates or more than twice the market value of the property against which the adverse claim is made, indemnifying it and also all persons in whose names such account stands or for whose account such property is held, against all liability, loss, damage, costs and expenses arising out of the refusal to permit withdrawal from such account or to pay dividends or interest thereon or to deliver such property.
(b) Unless such restraining order, injunction or other appropriate order is obtained, or such bond is given, the association, notwithstanding such notice, may honor notices of intention to withdraw and may pay withdrawals, dividends and interest to the person or persons to whose credit the account stands or may deliver such property to or upon the order of the person for whose account such property is, without any liability on the part of the association.
(c) If an adverse claimant delivers to the association at the office at which the account is carried or the property held his affidavit stating that
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11 Guam Code Ann. FINANCE & TAXATION
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of his own knowledge the person to whose credit the account stands or for whose account the property is held is a fiduciary for the adverse claimant and that such fiduciary is about to misappropriate the account or the property and stating the facts upon which the claim of a fiduciary relationship is based, the association may refuse to pay withdrawals, dividends or interest on the account or may refuse to deliver such property until the adverse claim is finally adjudicated or released, without liability on its part and without liability for the sufficiency or truth of the facts alleged in the affidavit.
(d) The provisions of this section shall be applicable even though the name of the person appearing on the association’s books to whose credit the account stands or for whose account the property is held is modified by a qualifying or descriptive term such as agent, trustee or other word or phrase indicating that such person may not be the owner in his own right of the account or property.
SOURCE: GC § 41412.
2017 NOTE: Subsection/subitem designations added/altered pursuant to the authority of 1 Guam Code Ann. § 1606.
This publication corrects a typographical error in subsection (c).