11 Guam Code Ann. § 130117
Terms Used In 11 Guam Code Ann. § 130117
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
COL120106
11 Guam Code Ann. FINANCE & TAXATION
CH. 130 INVESTMENTS, LOANS AND BORROWING
can readily be realized upon the sale of redemption of investments made pursuant to § 130102 of this Act. (c) amount of credit available for loan purposes from the Federal Home Loan Bank or other financial institutions.
Except with the consent of the Commissioner, no association shall hereafter make any construction loan or loans to any one borrower, or under any one transaction, or applicable to any one project, which loan or loans are in excess of whichever of the following is the lesser: (a) ten percent (10%) of its total assets, or (b) an amount equal to the sum of its capital, surplus, undivided profits, loan reserve and federal insurance reserve, and such other reserves as the Commissioner may prescribe; provided however, that this limitation shall not apply to any of the following:
(a) Loans upon which associations hold commitments for insurance by the Federal Housing Administrator, pursuant to § 130120 of this Act, or
(b) Loans which are partially guaranteed by, or insured by, the
Administrator of Veterans Affairs, pursuant to § 130121 of this Act.
(c) Loans which have been repaid or sold without recourse.
SOURCE: GC §41465.