Guam § 852 - Definitions.

§ 852. Definitions.

For the purposes of this Chapter:

(a) Beneficiary form means a registration of a security that

indicates the present owner of the security and the intention of the

owner regarding the person who will become the owner of the

security on the death of the owner.

(b) Devisee means a person designated in a will to receive a

disposition of property.

(c) Heirs means those persons, including the surviving spouse,

who are entitled to the property of a decedent.

(d) Person means an individual, corporation, organization and

any other legal entity.

(e) POD means ‘pay on death.’

(f) Register, including its derivatives, means to issue a

certificate showing the ownership of a certified security or, in the

case of an uncertified security, to initiate or transfer an account

showing ownership of securities.

(g) Registering entity means a person who originates or

transfers a security title by registration, and includes a broker

maintaining security accounts for customers and a transfer agent or

other person acting for or as an issuer of securities.

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CH. 8 SUCCESSION & SECURITIES TRANSFER

(h) Security means a share, participation or other interest in

property, in a business, or in an obligation of an enterprise or other

issuer and includes a certificated security, an uncertificated security

and a security account.

(i) Security account means:

(1) a reinvestment account associated with a security, a

securities account with a broker, a cash balance in a brokerage

account, cash interest, earnings, or dividends earned or

declared on a security in an account, a reinvestment account, or

a brokerage account, whether or not credited to the account

before the owner's death; or

(2) a cash balance or other property held for or due to the

owner of a security as a replacement for or product of an

account security, whether or not credited to the account before

the owner's death.

(j) State, when referring to a part of the United States, includes

any state, district, commonwealth, territory and insular possession

of the United States, and any area subject to the legislative authority

of the United States of America.

2014 NOTE: Pursuant to the authority granted by 1 GCA § 1606, subsection

designations were altered to adhere to the Compiler’s alpha-numeric scheme.