Guam § 100103 - General Definitions.

§ 100103. General Definitions.

In this Title, unless the context otherwise requires.

>Action= in the sense of a judicial proceeding includes

recoupment, counter-claim, set-off, suit in equity and any other

proceedings in which rights are determined.

>Board= when used with an initial capital letter means the

Banking and Insurance Board of Guam.

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>Commissioner= means the Commissioner of Banking and

Insurance.

>Community= means a city, town, municipality or incorporated

village in Guam, or where not within any of the foregoing, a trade

area in Guam.

>Court= means a court of competent jurisdiction.

>Department= means the Department of Revenue and Taxation.

>Division= means the Division of Insurance, Securities and Banking

within the Department of Revenue and Taxation.

>Executive Officer= when referring to a bank, means any person

designated as such in the by-laws and includes, whether or not so

designated, the president, any vice-president, the treasurer, the

cashier, the comptroller and the secretary, or any person who

performs the duties appropriate to those offices.

>Fiduciary= means trustee, agent, executor, administrator,

committee, guardian or conservator for a minor or other

incompetent person, receiver, trustee in bankruptcy, assignee for

creditors or any holder of a similar position of trust.

>Good faith= means honesty in fact in the transaction and some

reasonable ground for belief that the transaction is rightful or autho-

rized.>Item= means any instrument for the payment of money even

though negotiable, but does not include money.

>Officer= when referring to a bank, means any person

designated as such in the by-laws and includes, whether or not so

designated, any executive officer, the chairman of the board of

directors, the chairman of the executive committee, and any trust

officer, assistant vice president, assistant treasurer, assistant cashier,

assistant comptroller or any person who performs the duties

appropriate to those offices.

>Person= means an individual, corporation, partnership, joint

venture, trust estate or unincorporated association.

>Reason to know= means that upon the information available to

a person of ordinary intelligence in the particular business, or of the

superior intelligence or experience which the person in question

may have, would infer that the fact in question exists or that there is

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such a substantial chance of its existence that, if exercising

reasonable care with reference to the matter in question, conduct

would be predicated upon the assumption of its possible existence.