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or associations in the territory of Guam, in either case upon condition that such money or securities will not be withdrawn except on authorization of the Superior Court of Guam.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be invested, has been served with a copy of such order, and agreed in writing that such money or securities will not be withdrawn except on authorization of the Superior Court of Guam, such writing to be filed with the Clerk of the Superior Court of Guam.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.