13 Guam Code Ann. § 8308
Terms Used In 13 Guam Code Ann. § 8308
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 8 INVESTMENT SECURITIES
signature of such person is written without more upon the back of the security.
(2) An indorsement may be in blank or special. An indorsement in blank includes an indorsement to bearer. A special indorsement specifies the person to whom the security is to be transferred, or who has power to transfer it. A holder may convert a blank indorsement into a special indorsement.
(3) An appropriate person in subdivision (1) means:
(a) The person specified by the security or by special indorse- ment to be entitled to the security; or
(b) Where the person so specified is described as a fiduciary but is no longer serving in the described capacity — either that person or his successor; or
(c) Where the person so specified is an individual and is without capacity to act by virtue of death, incompetence, infancy or otherwise — his executor, administrator, guardian or like fiduciary; or
(d) Where the security or indorsement so specifies more than one person as tenants by the entirety or with right of survivorship and by reason of death all cannot sign — the survivor or survivors; or
(e) A person having power to sign under applicable law or controlling instrument; or
(f) To the extent that any of the foregoing persons may act through an agent — his authorized agent.
(4) Unless otherwise agreed the indorser by his indorsement assumes no obligation that the security will be honored by the issuer.
(5) An indorsement purporting to be only of part of a security representing units intended by the issuer to be separately transferable is effective to the extent of the indorsement.
(6) Whether the person signing is appropriate is determined as of the date of signing and an indorsement by such a person does not become unauthorized for the purposes of this division by virtue of any subsequent change of circumstances.
COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 8 INVESTMENT SECURITIES
(7) Failure of a fiduciary to comply with a controlling instrument or with the law of the state having jurisdiction of the fiduciary relationship, including any law requiring the fiduciary to obtain court approval of the transfer, does not render his endorsement unauthorized for the purposes of this division.