Guam § 12101 - Definitions.

§ 12101. Definitions.

In this Chapter, unless the contest otherwise requires:

(a) An adult is a person who has attained the age of 18 years.

(b) A bank is a bank, trust company, national banking association,

savings bank. or industrial bank duly admitted and licensed in Guam to

accept the deposits of others.

(c) A broker is a person lawfully engaged in the business of

effecting transactions in securities for the account of others. The term

includes a bank which effects such transactions. The term also includes

a person lawfully engaged in buying and selling securities for his own

account, through a broker or otherwise, as a part of a regular business.

(d) Court means the Superior Court.

(e) The custodial property includes:

(1) All securities, life insurance policies, annuity contracts

and money under the supervision of the same custodian for the

same minor as a consequence of a gift or gifts made to the minor

is a manner prescribed in this Chapter;

(2) The income from the custodial property; and

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(3) The proceeds, immediate and remote, from the sale,

exchange, conversion, investment, reinvestment, surrender or

other disposition of such securities, money, life insurance

policies, annuity contracts and income.

(f) A custodian is a person so designated in a manner prescribed

in this Chapter; the term includes a successor custodian.

(g) A financial institution is a bank, a federal savings and loan

association, a savings institution chartered and supervised as a savings

and loan or similar institution under federal law or the laws of a state

or territory or a federal credit union or a credit union chartered and

supervised under the laws of a state or territory; a domestic financial

institution is one chartered and supervised under the laws of Guam or

chartered and supervised under federal law and having its principal

office in Guam; and an insured financial institution is one, deposits

(including a savings, share, certificate, or deposit account) in which

are, in whole or in part, insured by the Federal Deposit Insurance

Corporation or by the Federal savings and Loan Insurance Corporation

or by a deposit insurance fund approved by the laws of Guam.

(h) A guardian of a minor means the general guardian, guardian,

tutor, or curator of his property or estate appointed or qualified by a

court of Guam or a state or territory.

(i) An issuer is a person who places or authorizes the placing of

his name on a security other than as a transfer agent to evidence that it

represents a share. participation or other interest in his property or in

an enterprise or to evidence his duty or undertaking to perform an

obligation evidenced by the security, or who becomes responsible for

or in place of any such person.

(j) A legal representative of a person is his executor or the

administrator, general guardian, guardian, committee, conservator,

tutor or curator of his property or estate.

(k) A life insurance policy or annuity contract means a life

insurance policy or annuity contract issued by an insurance company

authorized to do business in Guam on the life of a minor to whom a

gift of the policy or contract is made in the manner prescribed in this

Chapter or on the life of a member of the minor=s family.

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(l) A member of a minor =s family means any of the minor=s

parents, grandparents, brothers, sisters, uncles and aunts, whether of

the whole blood or the half blood, or by or through legal adoption.

(m) A minor is a person who has not attained the age of 18 years.

(n) A security includes any note, stock, treasury stock, bond,

debenture, evidence of indebtedness, certificate of interest or

participation in an oil, gas or mining title or lease or in payments out of

production under such a title or lease, collateral trust certificate,

transferrable share, voting trust certificate or, in general, any interest or

instruments commonly known as a security, or any certificate of

interest or participation in, any temporary or interim certificate, receipt

or certificate of deposit for, or any warrant or right to subscribe to or

purchase, any of the foregoing. The term does not include a security of

which the donor is the issuer. A security is in registered form when it

specifies a person entitled to it or to the rights it evidences and its

transfer may be registered upon books maintained for that purpose by

or on behalf of the issuer.

(o) A transfer agent is a person who acts as authenticating trustee,

transfer agent, registrar, or other agent for an issuer in the registration

for transfers of its securities or in the issue of new securities or in the

cancellation of surrendered securities.

(p) A trust company is a bank or corporation or other legal entity

authorized to exercise trust powers in Guam.