(a) Whenever any deposit shall be made in any bank by any person in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to the bank; in the event of the death of the trustee, the same, or any part thereof, together with the dividends or interest thereon, may be paid to the person for whom said deposit was made.

(b) No bank so paying any such survivor shall thereby be liable for any estate, inheritance or succession taxes due this territory.

SOURCE: GC § 30035.

COL292017
11 Guam Code Ann. FINANCE & TAXATION
CH. 106 BANKS