7 Guam Code Ann. § 26714
Terms Used In 7 Guam Code Ann. § 26714
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
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7 Guam Code Ann. CIVIL PROCEDURE
CH. 26 MISCELLANEOUS PROVISIONS
the United States for the purpose of making, guaranteeing, or becoming a surety upon bonds or undertakings required or authorized by law, or which, by the laws of the state where it was originally incorporated has such power, and which shall have complied with all the requirements of the law of Guam regulating the formation, licensing, or admission of those corporations to transact such business in Guam, may become and may be accepted as sole and sufficient surety upon such undertaking or bond, and such corporate surety shall be subject to all the liabilities and entitled to all the rights of natural persons’ sureties.
Any undertaking or bond furnished under this section must be approved by the judge of the court having jurisdiction before it shall be deemed to be in effect.
SOURCE: CCP § 1056 added by P.L. 4-91.