13 Guam Code Ann. § 3102
Terms Used In 13 Guam Code Ann. § 3102
- 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.
(a) Issue means the first delivery of an instrument to a holder or a remitter.
(b) An order is a direction to pay and must be more than an authorization or request. It must identify the person to pay with reasonable certainty. It may be addressed to one or more such persons jointly or in the alternative but not in succession.
(c) A promise is an undertaking to pay and must be more than an acknowledgment of an obligation.
(d) Secondary party means a drawer or endorser. (e) Instrument means a negotiable instrument.
(2) Other definitions applying to this division and the sections in which they appear are:
Acceptance. Section 3410. Accommodation party. Section 3415. Alteration. Section 3407.
Certificate of deposit. Section 3104.
Certification. Section 3411. Check. Section 3104. Definite time. Section 3109. Dishonor. Section 3507. Draft. Section 3104.
Holder in due course. Section 3302.
Negotiation. Section 3202.
Note. Section 3104.
Notice of dishonor. Section 3508.
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13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 3 COMMERCIAL PAPER
On demand. Section 3108. Presentment. Section 3504. Protest. Section 3509.
Restrictive indorsement. Section 3205.
Signature. Section 3401.
(3) The following definitions in other divisions apply to this division:
Account. Section 4104. Banking Day. Section 4104. Clearinghouse. Section 4104. Collecting bank. Section 4105. Customer. Section 4104. Depositary bank. Section 4105. Documentary draft. Section 4104. Intermediary bank. Section 4105. Item. Section 4104.
Midnight deadline. Section 4104.
Payor bank. Section 4105.
(4) In addition Division 1 contains general definitions and principles of construction and interpretation applicable throughout this division.