No oath or bond shall be required of a bank to qualify upon appointment as a fiduciary, unless the instrument creating a fiduciary position expressly otherwise provides.

SOURCE: GC § 30201.

§ 106153. Identification and Segregation of Fiduciary Assets: Investment and Deposit of Cash: Nominee for Securities.

(a) A bank holding any asset as a fiduciary shall:

(1) Segregate all such assets from any other assets of the bank and from the assets of other trusts, except as may be expressly provided otherwise by law or by the writing creating the trust.

(2) Record such assets in a separate set of books maintained for fiduciary activities.

(b) Cash held by a bank as fiduciary may be deposited to the credit of the bank as such fiduciary, either with a bank with deposit insurance or with itself, but if such funds are deposited with itself the bank shall pledge as security United States bonds or other securities approved by the Commissioner for the purpose in the amount of the deposit in excess of the amount covered by deposit insurance. Deposits may represent the assets of more than one fiduciary estate if a record is maintained of the proper allocation.

(c) Any bank, when acting in Guam as a fiduciary or a co-fiduciary with others, or as an agent for other fiduciaries, may with the consent of its co-fiduciary or co-fiduciaries, if any (who are hereby authorized to give such consent), or the fiduciaries, for whom it is acting, cause any investment held in any such capacity, to be registered and held in the

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name of a nominee or nominees of such bank. Such bank shall be liable for the acts of any such nominee with respect to any investment so registered. The records of such bank shall at all times show the trust for which any such investment is held and the securities shall be in the possession and control of such bank and be kept separate and apart from the assets of such bank.

SOURCE: GC § 30202.