Guam § 2015 - Security May Be Provided By Deposit of Property.

§ 2015. Security May Be Provided By Deposit of Property.

(a) Security for the faithful performance of the personal

representative's trust, as required by Section 2011 of this Title, may in the

discretion of the Superior Court of Guam be provided, in whole or in

part, by the deposit of money or negotiable securities of the estate which

have been, or will be, deposited in a bank or banks in the territory of

Guam, or in a trust company or trust companies authorized to transact

business in the territory of Guam, or money which has been, or will be,

invested in an account or accounts in an insured savings and loan

association or associations in the territory of Guam, in either case upon

condition that such money or securities will not be withdrawn except on

authorization of the Superior Court of Guam.

(b) If the Superior Court of Guam orders that security for the

faithful performance of the personal representative shall be, in whole or

in part, as provided in subsection (a) of this Section, letters shall not

issue to the personal representative until the Superior Court of Guam is

satisfied that the bank or trust company into which such money or

negotiable securities have been or will be deposited, or the savings and

loan association in which such money has been or will be invested, has

been served with a copy of such order, and agreed in writing that such

money or securities will not be withdrawn except on authorization of the

Superior Court of Guam, such writing to be filed with the Clerk of the

Superior Court of Guam.

(c) The term Aaccount in an insured savings and loan association,@ as

used in this Section, means shares issued by a federal savings and loan

association doing business in the territory of Guam, or investment

certificates issued by a building and loan association or savings and loan

association chartered in the territory of Guam and doing business in the

territory of Guam, which is an Ainsured institution@ as defined in Title IV

of the National Housing Act (Title 12, United States Code, §§ 1725 to

1730d), or shares issued by a building and loan association or savings

COL10312014

CH. 20 OATH, FORM OF LETTERS, AND SECURITY FOR

FAITHFUL PERFORMANCE OF PERSONAL REPRESENTATIVE

and loan association chartered in the territory of Guam and doing

business in the territory of Guam which does not issue investment

certificates and which is an Ainsured institution@ as defined in Title IV of

the National Housing Act.