Definitions

For the purposes of this Chapter, except as otherwise specifically provided, the following words and phrases, together with all of the COL4122017 CH. 160 GUAM-BASED TRUST COMPANIES ACT 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. COL4122017 CH. 160 GUAM-BASED TRUST COMPANIES ACT

(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.