11 Guam Code Ann. § 160301
Terms Used In 11 Guam Code Ann. § 160301
- 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.
- 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.
- Inter vivos: Transfer of property from one living person to another living person.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
COL4122017
11 Guam Code Ann. FINANCE & TAXATION
CH. 160 GUAM-BASED TRUST COMPANIES ACT
(1) act as trustee under any mortgage or bond of any person or of any municipality or body politic;
(2) accept and execute any municipal or corporate or individual trust consistent with the laws of Guam;
(3) act under the order or appointment of any court as guardian, administrator, receiver or trustee;
(4) act as executor or trustee under any will or inter vivos trust; (5) act as fiscal or transfer agent of any state, municipality,
body politic or corporation, and in such capacity receive and
disburse money and register, transfer and countersign certificates of stock, bonds and other evidences of indebtedness;
(6) act as local or resident agent of foreign corporations; (7) accept and execute any trust business;
(8) acquire the fiduciary rights, powers, duties and liabilities of a bank, savings and loan association, thrift company, or Trust Company licensed pursuant to Title 11 of the Guam Code Annotated, and upon the effective date of such an acquisition, the fiduciary rights, powers, duties and liabilities of the bank, savings and loan association, thrift company, or Trust Company vest in and must be performed by the acquiring Trust Company; and
(9) do and perform all acts necessary to exercise the powers enumerated in this Subsection and authorized by this Chapter.
(b) A Trust Company may not engage in any banking business by accepting deposits or making loans.
2017 NOTE: Subsection/subitem designations altered pursuant to the authority of
1 Guam Code Ann. § 1606.