11 Guam Code Ann. § 106730
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Terms Used In 11 Guam Code Ann. § 106730
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Nothing in this Chapter shall be deemed to prohibit a foreign banking corporation which does not maintain an office in this Territory for the transaction of business from making loans in this Territory secured by mortgages on real property or from accepting assignments of mortgages covering real property situated in this Territory.
SOURCE: GC § 30928. Added by P.L. 13-111:5.
COURT DECISIONS: The banking laws addressing the conduct and activities of foreign banks do not require foreign banks, without offices on Guam, to obtain licenses, necessary for broader financial activities, in order to enter loans secured by Guam real property. This transaction is specifically exempted from such licensing requirements under 11 Guam Code Ann. § 106730. EIE Guam Corp., et al. V. The Long Term Credit Bank of Japan, Ltd., et al., 1998 Guam 6 ¶14.