(a) To a credit issued by a bank if the credit requires a documentary draft or a documentary demand for payment; and

(b) To a credit issued by a person other than a bank if the credit requires that the draft or demand for payment be accompanied by a document of title; and

(c) To a credit issued by a bank or other person if the credit is not within paragraph (a) or (b) but conspicuously states that it is a letter of credit or is conspicuously so entitled.

COL120106
13 Guam Code Ann. UNIFORM COMMERCIAL CODE
DIV. 5 LETTERS OF CREDIT

(2) Unless the engagement meets the requirements of subdivision (1), this division does not apply to engagements to make advances or to honor drafts or demands for payment, to authorities to pay or purchase, to guarantees or to general agreements.

(3) This division deals with some but not all of the rules and concepts of letters of credit as such rules or concepts have developed prior to this act or may hereafter develop. The fact that this division states a rule does not by itself require, imply or negate application of the same or a converse rule to a situation not provided for or to a person not specified by this division.