13 Guam Code Ann. § 5111
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Terms Used In 13 Guam Code Ann. § 5111
- 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
) Unless otherwise agreed the beneficiary by transferring or presenting a documentary draft or demand for payment warrants to all interested parties that the necessary conditions of the credit have been complied with. This is in addition to any warranties arising under Division 3, 4, 7, and 8.
(2) Unless otherwise agreed a negotiating, advising, confirming, collecting or issuing bank presenting or transferring a draft or demand for payment under a credit warrants only the matters warranted by a collecting bank under Division 4 and any such bank transferring a docu- ment warrants only the matters warranted by an intermediary under Divisions 7 and 8.