Guam § 160102 - Definitions.

§ 160102. Definitions.

For the purposes of this Chapter, except as otherwise specifically

provided, the following words and phrases, together with all of the

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common derivatives thereof (i.e. verbs, plurals, feminine gender, etc.)

shall have the meaning ascribed to them as follows:

(a) Beneficiary means the person for whose benefit trust

property is held.

(b) Commissioner means the Commissioner of Banking of the

government of Guam.

(c) Court Trust means the action of a Trust Company acting

under appointment, order or decree of any court as executor,

administrator, guardian, conservator, assignee, receiver, depositary

or trustee, or receiving on deposit money or property from a public

administrator under any provision of this Chapter or from any

executor, administrator, guardian, conservator, assignee, receiver,

depositary or trustee under any order or decree of any court.

(d) Equitable Duties include the common law duties of a

trustee, the duty to exercise reasonable care, skill and caution in

preserving and enhancing trust property, the duty to act with

undivided loyalty to the beneficiaries of a trust and the duty to act

with impartiality among all beneficiaries.

(e) Fiduciary means trustee, agent, executor, administrator,

committee, guardian, conservator for a minor or other incompetent

person, receiver, trustee in bankruptcy, assignee for creditors or any

holder of a similar position of trust.

(f) Investment Company means any issuer which is, or holds

itself out as, being engaged primarily, or proposes to engage

primarily, in the business of investing, reinvesting or trading in

securities.

(g) Investment Trust means a company which sells its own

stock and invest the money in stocks, real estate and other

investment.

(h) Net Worth means paid in capital plus paid in surplus plus

retained earnings, if any.

(i) Person means an individual, a partnership, a corporation and

any other entity established by law or otherwise established for a

stated purpose.

(j) Private Trust means every other trust, agency, fiduciary

relationship or representative capacity other than a court trust.

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(k) Settlor means a person who creates a trust.

(l) Trust means a fiduciary relationship with respect to

property, the trust property, which arises as a result of a

manifestation of an intention to create it and which subjects the

person by whom the property is held, the trustee, to equitable duties

to deal with the property for the benefit of another person, the

beneficiary.

(m) Trust Company means a corporation organized and

licensed in Guam as provided in this Chapter and engaged in Trust

Company business.

(n) Trust Company Business means acting as a trustee and

engaging in those activities stated in § 160301.1.

(o) Trustee means a person who is subject to equitable duties

and who holds trust property for a beneficiary.

(p) Trust Property means property held in a trust.