7 Guam Code Ann. § 11317
Terms Used In 7 Guam Code Ann. § 11317
- 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.
- Statute: A law passed by a legislature.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
This Section shall not apply to banks, bankers, trust companies, building and loan associations, and savings and loan societies which have become insolvent and are in process of liquidation and in such cases the statute of limitations shall have been deemed to have commenced to run from the beginning of the process of liquidation; provided, however, nothing herein contained shall be construed so as to relieve any stockholder of any banking corporation or trust company from stockholders’ liability as shall at any time be provided by law.
SOURCE: CCP § 348.
CROSS-REFERENCES: A new statute of limitations and method for claiming dormant bank accounts is provided for in 30047 of the Government (Banking) Code. Essentially, the period is five years after the dormant funds have been transferred to the Government of Guam andclaim must be made against the Government, not the banking institution. P.L. 18-37:12 (5/30/86).
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ARTICLE 4
GENERAL PROVISIONS RELATIVE TO
COMMENCEMENT OF ACTIONS