13 Guam Code Ann. § 4402
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Terms Used In 13 Guam Code Ann. § 4402
- Arrest: Taking physical custody of a person by lawful authority.
- Case law: The law as laid down in cases that have been decided in the decisions of the courts.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
payor bank is liable to its customer for damages proximately caused by the wrongful dishonor of an item. When the dishonor occurs through mistake liability is limited to actual damages proved. If so proxi- mately caused and proved, damages may include damages for an arrest or prosecution of the customer or other consequential damages. Whether any consequential damages are proximately caused by the wrongful dishonor is a question of fact to be determined in each case.
COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 4 BANK DEPOSITS AND COLLECTIONS
COMMENT: Section 4402 is identical to Section 4-402 of the 1972 Official Text of the Uniform Commercial Code. For purpose and effect, see Official Comment. The California version omitted the last two sentences of the section because they appeared to conflict with prior California case law (that an arrest resulted from the intervention of an independent cause) despite the characterization of this case law as
Ahighly arbitrary@ and Aunrealistic.@