19 Guam Code Ann. § 12101
Terms Used In 19 Guam Code Ann. § 12101
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Donor: The person who makes a gift.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Executor: A male person named in a will to carry out the decedent
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(a) An adult is a person who has attained the age of 18 years.
(b) A bank is a bank, trust company, national banking association, savings bank. or industrial bank duly admitted and licensed in Guam to accept the deposits of others.
(c) A broker is a person lawfully engaged in the business of effecting transactions in securities for the account of others. The term includes a bank which effects such transactions. The term also includes a person lawfully engaged in buying and selling securities for his own account, through a broker or otherwise, as a part of a regular business.
(d) Court means the Superior Court. (e) The custodial property includes:
(1) All securities, life insurance policies, annuity contracts and money under the supervision of the same custodian for the same minor as a consequence of a gift or gifts made to the minor is a manner prescribed in this Chapter;
(2) The income from the custodial property; and
COL120106
19 Guam Code Ann. PERSONAL RELATIONS
CH. 12 UNIFORM GIFTS TO MINORS ACT
(3) The proceeds, immediate and remote, from the sale, exchange, conversion, investment, reinvestment, surrender or other disposition of such securities, money, life insurance policies, annuity contracts and income.
(f) A custodian is a person so designated in a manner prescribed in this Chapter; the term includes a successor custodian.
(g) A financial institution is a bank, a federal savings and loan association, a savings institution chartered and supervised as a savings and loan or similar institution under federal law or the laws of a state or territory or a federal credit union or a credit union chartered and supervised under the laws of a state or territory; a domestic financial institution is one chartered and supervised under the laws of Guam or chartered and supervised under federal law and having its principal office in Guam; and an insured financial institution is one, deposits (including a savings, share, certificate, or deposit account) in which are, in whole or in part, insured by the Federal Deposit Insurance Corporation or by the Federal savings and Loan Insurance Corporation or by a deposit insurance fund approved by the laws of Guam.
(h) A guardian of a minor means the general guardian, guardian, tutor, or curator of his property or estate appointed or qualified by a court of Guam or a state or territory.
(i) An issuer is a person who places or authorizes the placing of his name on a security other than as a transfer agent to evidence that it represents a share. participation or other interest in his property or in an enterprise or to evidence his duty or undertaking to perform an obligation evidenced by the security, or who becomes responsible for or in place of any such person.
(j) A legal representative of a person is his executor or the administrator, general guardian, guardian, committee, conservator, tutor or curator of his property or estate.
(k) A life insurance policy or annuity contract means a life insurance policy or annuity contract issued by an insurance company authorized to do business in Guam on the life of a minor to whom a gift of the policy or contract is made in the manner prescribed in this
Chapter or on the life of a member of the minor=s family.
COL120106
19 Guam Code Ann. PERSONAL RELATIONS
CH. 12 UNIFORM GIFTS TO MINORS ACT
(l) A member of a minor=s family means any of the minor=s
parents, grandparents, brothers, sisters, uncles and aunts, whether of the whole blood or the half blood, or by or through legal adoption.
(m) A minor is a person who has not attained the age of 18 years. (n) A security includes any note, stock, treasury stock, bond,
debenture, evidence of indebtedness, certificate of interest or
participation in an oil, gas or mining title or lease or in payments out of production under such a title or lease, collateral trust certificate, transferrable share, voting trust certificate or, in general, any interest or instruments commonly known as a security, or any certificate of interest or participation in, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of the foregoing. The term does not include a security of which the donor is the issuer. A security is in registered form when it specifies a person entitled to it or to the rights it evidences and its transfer may be registered upon books maintained for that purpose by or on behalf of the issuer.
(o) A transfer agent is a person who acts as authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration for transfers of its securities or in the issue of new securities or in the cancellation of surrendered securities.
(p) A trust company is a bank or corporation or other legal entity authorized to exercise trust powers in Guam.
SOURCE: CC ‘1154 added by P.L. 11-115.
NOTE: 1. The age of minority was lowered to 18 years by P.L. 14-92:5 (‘1101 of this
Title).
2. Congress has restructured and renamed the agency handling insuring for federally-insured savings and loan institutions.
3. All references to Island Court in this and other parts of this Chapter have been changed to Superior Court pursuant to P.L. 12-85, the Court Reorganization Act of
1974.