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. COL120106 CH. 100 SHORT TITLE, DEFINITIONS AND MISCELLANEOUS >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 authorized.>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 COL120106 CH. 100 SHORT TITLE, DEFINITIONS AND MISCELLANEOUS 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.