11 Guam Code Ann. § 160102
Terms Used In 11 Guam Code Ann. § 160102
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- 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
- 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.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Trustee: A person or institution holding and administering property in trust.
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11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
common derivatives thereof (i.e. verbs, plurals, feminine gender, etc.)
shall have the meaning ascribed to them as follows:
(a) Beneficiary means the person for whose benefit trust property is held.
(b) Commissioner means the Commissioner of Banking of the government of Guam.
(c) Court Trust means the action of a Trust Company acting under appointment, order or decree of any court as executor, administrator, guardian, conservator, assignee, receiver, depositary or trustee, or receiving on deposit money or property from a public administrator under any provision of this Chapter or from any executor, administrator, guardian, conservator, assignee, receiver, depositary or trustee under any order or decree of any court.
(d) Equitable Duties include the common law duties of a trustee, the duty to exercise reasonable care, skill and caution in preserving and enhancing trust property, the duty to act with undivided loyalty to the beneficiaries of a trust and the duty to act with impartiality among all beneficiaries.
(e) Fiduciary means trustee, agent, executor, administrator, committee, guardian, conservator for a minor or other incompetent person, receiver, trustee in bankruptcy, assignee for creditors or any holder of a similar position of trust.
(f) Investment Company means any issuer which is, or holds itself out as, being engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities.
(g) Investment Trust means a company which sells its own stock and invest the money in stocks, real estate and other investment.
(h) Net Worth means paid in capital plus paid in surplus plus retained earnings, if any.
(i) Person means an individual, a partnership, a corporation and any other entity established by law or otherwise established for a stated purpose.
(j) Private Trust means every other trust, agency, fiduciary relationship or representative capacity other than a court trust.
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11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
(k) Settlor means a person who creates a trust.
(l) Trust means a fiduciary relationship with respect to property, the trust property, which arises as a result of a manifestation of an intention to create it and which subjects the person by whom the property is held, the trustee, to equitable duties to deal with the property for the benefit of another person, the beneficiary.
(m) Trust Company means a corporation organized and licensed in Guam as provided in this Chapter and engaged in Trust Company business.
(n) Trust Company Business means acting as a trustee and engaging in those activities stated in § 160301.1.
(o) Trustee means a person who is subject to equitable duties and who holds trust property for a beneficiary.
(p) Trust Property means property held in a trust.