This legal document, part of the Guam Code Annotated, specifically falls under the Uniform Commercial Code and pertains to Secured Transactions and Sales of Accounts and Chattel Paper. It outlines the requirements for the enforceability of a security interest and the attachment of collateral. To be enforceable, the collateral must either be in the possession of the secured party or the debtor must have signed a security agreement that includes a description of the collateral.

This legal document governs the procedures and actions related to the collection of items by payor banks. It outlines the conditions under which a payor bank can revoke a settlement and recover any payment for a demand item received before midnight of the banking day of receipt. The payor bank can revoke the settlement and recover the payment if it returns the item or sends written notice of dishonor or nonpayment.

This legal document governs the rights of priority for unperfected security interests. It states that an unperfected security interest is subordinate to the rights of certain parties, including persons entitled to priority under Section 9312, lien creditors, and transferees in bulk or other buyers not in the ordinary course of business. Additionally, in the case of accounts and general intangibles, a person who gives value without knowledge of the security interest and before it is perfected also takes priority.

This legal document governs the relationships between payor banks and their customers in the context of bank deposits and collections. It grants the customer or any authorized person the right to stop payment of any item payable for or drawn against the customer’s account. However, the bank can disregard the stop payment order unless it is in writing, signed by the customer or authorized person, describes the item with certainty, and is received by the bank within a reasonable time before certain events occur.

The provided legal document content covers various aspects related to the filing, duration, and effect of filing financing statements, termination of security interests, assignment or transfer of security interests, and the process of filing various types of statements related to financing transactions. It specifies that the proper place to file in order to perfect a security interest is with the Department of Revenue and Taxation. The document outlines the requirements for a financing statement to be considered sufficient, including the names of the debtor and secured party, signatures, addresses, and a statement indicating the types or description of collateral.

The provided legal document governs the responsibility of a presenting bank for documents and goods, as well as the report of reasons for dishonor and the role of a referee in case of need. It specifically applies to banks presenting a documentary draft. According to the document, a bank that takes a documentary draft for collection must present or send the draft and accompanying documents for presentment. If the draft has not been paid or accepted in due course, the bank must seasonably notify its customer of such fact, even if it has discounted or bought the draft or extended credit available for withdrawal.

This legal document, found in the Guam Code Annotated under the Uniform Commercial Code, specifically in the section on Secured Transactions; Sales of Accounts and Chattel Paper; Default, governs the rights and remedies of secured parties and debtors in the context of secured transactions. It outlines the procedures to be followed in case of default by the debtor, including the rights of the secured party to reduce their claim to judgment, foreclose, or enforce the security interest through available judicial procedures.

The legal document governs remedies for fraudulent instruments and transfers. It states that any transfer of property, charge, obligation, or judicial proceeding made with the intent to delay or defraud a creditor or any other person is void against all creditors of the debtor, their successors in interest, and any person upon whom the estate of the debtor devolves in trust for the benefit of others. The document specifies that a creditor can only avoid the act or obligation of the debtor for fraud if it obstructs the enforcement of the creditor’s right to take the affected property.

These legal documents cover various aspects of banking practices, including reserves, loans, investments, and miscellaneous activities. The documents specify that banks, whether members of the Federal Reserve System or not, must maintain reserves against deposits as established by the Federal Reserve Act or the Board of Governors of the Federal Reserve System. The reserve fund consists of legal tender on hand and money due from approved reserve depositaries. It is a criminal offense for a territorial bank to have an average deficiency in its reserve for more than one additional banking day without notifying the Commissioner.

The provided legal document content governs the acceptance of checks, drafts, and fees for returned checks by the Division of Finance - Department of Administration in Guam. It establishes that the use of checks or drafts is a privilege and not a right, and the Government of Guam accepts them with the expectation that the maker has sufficient credit or funds to cover the amount. If checks or drafts are returned for collection due to insufficient funds or other reasons, the costs of processing the check should be borne by the individuals, partnerships, or corporations who caused the government to incur collection costs.