§ 106101 Interest on Accounts
§ 106102 Payment of Items
§ 106103 Interest Rate by Banks on Home Mortgage Escrow
§ 106104 Transactions Outside the Regular Banking Hours or on\r\nHolidays
§ 106105 Deposit of Minor; School or Institutional Deposits
§ 106106 Deposits in Two Names
§ 106107 Deposits in Trust
§ 106112 Final Adjustment of Statements of Account
§ 106114 Adverse Claim to Bank Deposit
§ 106116 Powers of Attorney
§ 106118 Transmitting Money: Foreign Exchange
§ 106119 Dormant and Inactive Accounts and Unclaimed Funds
§ 106131 Definitions
§ 106132 Authority to Engage in Leasing Safe Deposit Facilities: Subsidiary Company
§ 106133 Access by Fiduciaries
§ 106134 Effect of Lessee\’s Death or Incompetence
§ 106135 Lease to Minor
§ 106136 Search Procedure on Death
§ 106137 Adverse Claims to Contents of Safe Deposit Box
§ 106138 Special Remedies for Nonpayment of Rent
§ 106151 Qualification and Fiduciary Powers: Deposits of Securities
§ 106152 Fiduciary Bond or Oath Excused
§ 106154 Investment of Funds Held as Fiduciary
§ 106155 Common Trust Funds
§ 106171 Reserves Against Deposits
§ 106172 Loans
§ 106173 Investments
§ 106174 Acceptances
§ 106175 Diversification of Loans and Investments
§ 106177 Acquisition of Banking Premises and Equipment
§ 106178 Sale of Assets in Ordinary Course
§ 106179 Borrowing
§ 106180 Pledge of Assets
§ 106181 Indorsement and Signature Guaranty
§ 106182 Definition: Capital
§ 106191 Bank Activities Permitted
§ 106201 General Corporate Powers
§ 106202 Out of State Banks
§ 106203 Locally Chartered or Territorial Bank: Additional Powers
§ 106204 Capital Structure
§ 106205 Incorporators
§ 106206 Notice of Intention
§ 106207 Organization Expenses
§ 106208 Application for Charter
§ 106209 Determination on Application for Charter
§ 106210 Subscription Calls
§ 106211 First Meetings of Stockholders and Directors; Adoption of\r\nBy-Laws
§ 106213 Certificate of Authority
§ 106214 Amendment of Charter; Change of Location
§ 106215 Meetings of Stockholders; Voting; Proxies; Voting Trust; Preemptive Right; Transfer of Stock; Report of Holdings
§ 106216 Directors and Officers
§ 106217 Directors; Meetings and Duties
§ 106218 Fidelity Bonds and Other Insurance
§ 106219 Authority to Declare Dividends
§ 106302 Resulting National Bank\r\n§ 106303
§ 106301 Additional Definitions
§ 106302 v2 Resulting National Bank
§ 106303 Resulting Territorial Bank
§ 106304 Merger Procedure; Resulting Territorial Bank
§ 106305 Merger; Approval by Stockholders of Territorial Banks
§ 106306 Effective Date of Merger; Filing of Approved Government\r\n\r\n\r\n51\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\nCOL292017\r\n11 GCA FINANCE & TAXATION\r\nCH
§ 106307 Conversion of National into Territorial Bank
§ 106308 Continuation of Corporate Entity; Use of Old Name
§ 106309 Dissenting Stockholders
§ 106310 Trust Powers
§ 106311 Nonconforming Assets or Business
§ 106312 Book Value of Assets
§ 106313 Bank Holding Company Formation and Acquisition
§ 106350 Elections
§ 106351 Definitions
§ 106352 Prohibition on Interstate Merger Transactions
§ 106354 Authority of Territorial Banks to Establish a De Novo\r\nBranch or Acquire a Branch Outside Guam
§ 106355 Prohibition of Out-of-State Banks to Establish De Novo\r\nInterstate Branch
§ 106356 Powers; Principal Guam Office
§ 106357 Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees
§ 106358 Enforcement
§ 106359 Notice of Subsequent Merger, Etc
§ 106401 Voluntary Liquidation and Dissolution
§ 106402 Commissioner in Possession
§ 106403 Requirements of Reorganization Plan
§ 106404 Liquidation by Commissioner
§ 106501 Unauthorized Conduct of Banking Business
§ 106502 Unauthorized Assumption of Liability
§ 106503 Receipt of Deposits While Insolvent
§ 106504 Unlawful Service as Officer, or Director
§ 106506 Unlawful Concealment of Transactions
§ 106507 Improper Maintenance of Accounts; False or Deceptive\r\nEntries and Statements
§ 106508 Unlawful Payment of Penalties and Judgments Against\r\nOthers, Including Directors and Officers
§ 106509 Unlawful Use of Words Safe Deposit
§ 106510 Unlawful Operation of Off-Shore Lending Facility
§ 106512 Criminal Sanctions, Violations of Rules and Orders
§ 106513 Injunction
§ 106601 Branch Banks
§ 106604 Off-Shore Lending Facility
§ 106605 Off-shore Financing Corporation
§ 106701 Definitions
§ 106735 Transaction of Business in Territory on Behalf of Foreign\r\nBanking Corporation not Authorized: Penalty
§ 106722 Requirements to Do Business in Territory
§ 106723 Approval of Money or Securities Deposited With the Director of Administration; Deposit with Director of Administration; Responsibility of Territory; Deposit of Money; Exchange and Withdrawal
§ 106724 Assets, Books of Account and Records in Territory for Business to be Separate: Priority of Creditors of Business in the Territory
§ 106725 Approval of Application; Issuance of License; Transfer; Display
§ 106726 Suspension or Revocation of License
§ 106727 Business Which May be Transacted in Territory
§ 106728 Accepting Deposits From Foreign State or Person, Etc
§ 106729 Accepting Domestic Deposits
§ 106730 Loans Secured by Mortgages on Real Property and Acceptance of Assignments of Mortgages Covering Real Property in Territory
§ 106731 Loans: Purchase or Sale of Bonds
§ 106732 Report to Commissioner: Verification; Content; Formal\r\nVerification; Financial Information
§ 106733 Same: Failure to Make Report or Furnish Information; Penalty; False Statements
§ 106734 Failure to Comply With Chapter: Penalty
§ 106735 v2 Transaction of Business in Territory on Behalf of Foreign\r\nBanking Corporation Not Authorized: Penalty
§ 106741 Establishment and Maintenance of Office by Represen- tative of Foreign Banking Corporation
§ 106742 Maintenance of Place of Business of Representative

Terms Used In Guam Code > Title 11 > Chapter 106 - Banks

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Allegation: something that someone says happened.
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Amortization: Paying off a loan by regular installments.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
  • 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
  • Case law: The law as laid down in cases that have been decided in the decisions of the courts.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Decedent: A deceased person.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
    • You are late making a payment or commit some other default, triggering an increase to a penalty rate
    • The bank changes the terms of your account and you do not reject the change.
    • The rate expires (if the rate was fixed for only a certain period of time).
  • Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
  • Oath: A promise to tell the truth.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • 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.
  • Personal property: All property that is not real property.
  • Plaintiff: The person who files the complaint in a civil lawsuit.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Quorum: The number of legislators that must be present to do business.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • 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.
  • Subpoena: A command to a witness to appear and give testimony.
  • Summons: Another word for subpoena used by the criminal justice system.
  • Trustee: A person or institution holding and administering property in trust.