19 Guam Code Ann. § 12102
Terms Used In 19 Guam Code Ann. § 12102
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- 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.
COL120106
19 Guam Code Ann. PERSONAL RELATIONS
CH. 12 UNIFORM GIFTS TO MINORS ACT
(1) If the subject of the gift is a security in registered form, by registering it in the name of the donor, an adult member of the minor=s
family, a guardian of the minor or a trust company, followed, in substance, by the words: as custodian for [name of minor]____ under the Guam Uniform Gift to Minors Act;
(2) If the subject of the gift is a security not in registered form, by delivering it to an adult member, other than the donor, of the minor=s
family, a guardian of the minor or a trust company, accompanied by statement in the following form, in substance, signed by the donor and the person designated as custodian:
GIFT UNDER THE GUAM UNIFORM GIFTS TO MINORS ACT
I, [name of donor] , hereby deliver to [name of custodian] as custodian for [name of minor] under the Guam Uniform Gift to Minors Act, the following security[ies]:
____________________________ [Signature of Donor]
[name of custodian] hereby acknowledges receipt of the above described security[ies] as custodian for the above minor under the Guam Uniform Gift to Minors Act.
Dated:
_________________________ (Signature of custodian)
(3) If the subject of the gift is money, by paying or delivering
it to a broker or a financial institution for credit to an account in the name of the donor, am adult member of the minor=s family, a
guardian of the minor, or a trust company, followed, in substance, by the words as custodian for [name of minor] under the Guam Uniform Gifts to Minors Act.
(4) If the subject of the gift is a life insurance policy or annuity contract, by causing the ownership of the policy or contract to be registered with the issuing insurance company in the name of the
donor, an adult member of the minor=s family, a guardian of the minor
or a trust company, followed, in substance, by the words: as custodian
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19 Guam Code Ann. PERSONAL RELATIONS
CH. 12 UNIFORM GIFTS TO MINORS ACT
for [name of minor] Minors Act.
under the Guam Uniform Gifts to
(b) Any gift made in a manner prescribed in subsection (a) may be made to only one minor and only one person may be the custodian.
(c) A donor who makes a gift to a minor in a manner prescribed in subsection (a) shall promptly do all things within his power to put the subject of the gift in the possession and control of the custodian, but neither
the donor=s failure to comply with this subsection, nor his designation of an
ineligible person as custodian, nor renunciation by the person designated as custodian affects the consummation of the gift.
SOURCE: CC § 1155 added by P.L. 11-115.