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Can you summarize 106114.?
Accounts > Adverse Claim to Bank Deposit.
Short Summary
This legal provision, sourced from the Guam Code Annotated, pertains to adverse claims made to bank deposits. It states that a notice of an adverse claim to a deposit in a bank will not be effective unless the adverse claimant obtains a restraining order, injunction, or other appropriate process against the bank from a court of competent jurisdiction. Alternatively, the adverse claimant can execute a bond with acceptable sureties to indemnify the bank from any liability, loss, damage, costs, and expenses related to the adverse claim or the dishonor of the deposit holder’s check or order. However, this law does not apply if the deposit holder is a fiduciary for the adverse claimant and there is reasonable cause to believe that the fiduciary is about to misappropriate the deposit. No specific penalties are mentioned in this provision.
Whom does it apply to?
Banks and individuals making adverse claims to bank deposits
What does it govern?
Adverse claims to bank deposits
What are exemptions?
The law does not apply if the person to whose credit the deposit stands is a fiduciary for the adverse claimant and there is reasonable cause to believe that the fiduciary is about to misappropriate the deposit.
What are the Penalties?
No specific penalties mentioned.
Jurisdiction
Guam