Guam § 106174 - Acceptances.
Full text of Guam Guam Code Annotated § 106174 — Acceptances., with citation guidance and answers to common questions.
§ 106174. Acceptances.
(a) A commercial bank may accept:
(1) A draft which has not more than 6 months sight to run, exclusive of days of grace, and is
drawn to finance the purchase of goods with maturity in accordance with the original terms of
purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a
licensed or bonded warehouse or elevator transferring or securing title to readily marketable,
nonperishable staples.
(2) A draft which has not more than 3 months sight to run, exclusive of days of grace, and is
drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar
exchange for trade.
(b) A commercial bank may issue a letter of credit, but unless the authority conferred to draw upon
the bank or its correspondents is limited to such drafts as a bank is authorized by this section to accept, the
amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose
account the credit was issued.
Frequently Asked Questions About Guam § 106174
What does Guam Code Annotated § 106174 cover?
Section 106174 ("Acceptances.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 106174?
A common citation format is "Guam Code Annotated § 106174" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 106174 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.