11 Guam Code Ann. § 53107
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Terms Used In 11 Guam Code Ann. § 53107
- 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
- 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) Nothing in this Chapter shall create or be construed to create any obligation of the Director, the government of Guam, or any agency or instrumentality of the government of Guam to guarantee for the benefit of any account owner or designated beneficiary with respect to the:
(1) return of principal;
(1) return of principal;
(2) rate of interest or other return on any account; or
(3) payment of interest or other return on any account. (b) The Director shall adopt rules to provide that every
contract, obligation, application, or other similar document that may be used in connection with opening an account clearly
indicates that the account is not insured by the government of
Guam, and that the principal deposited and the investment return are not guaranteed by the government of Guam.