§ 5101 Short Title
§ 5102 Scope
§ 5103 Definitions
§ 5104 Formal Requirements; Signing
§ 5105 Consideration
§ 5106 Time and Effect of Establishment of Credit
§ 5108 Notation Credit; Exhaustion of Credit
§ 5109 Issuer\’s Obligation to Its Customer
§ 5110 Availability of Credit in Portions; Presenter\’s Reservation of\r\nLien or Claim
§ 5111 Warranties on Transfer and Presentment
§ 5112 Time Allowed for Honor or Rejection; Withholding Honor or\r\nRejection by Consent; Presenter
§ 5113 Indemnities
§ 5115 Remedy for Improper Dishonor or Anticipatory Repudiation
§ 5116 Transfer and Assignment
§ 5117 Insolvency of Bank Holding Funds for Documentary Credit
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Terms Used In Guam Code > Title 13 > Division 5 - Letters of Credit

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contract: A legal written agreement that becomes binding when signed.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. Source: OCC
  • Fraud: Intentional deception resulting in injury to another.
  • 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.