Acceptances. — Guam Code § 106174
Guam Code § 106174 — Acceptances.. Reproduced from the official Guam Code Annotated, with a citation summary, verification link, and related provisions.
§ 106174. Acceptances.
(a) A commercial bank may accept:
(1) A draft which has not more than 6 months sight to run, exclusive of days of grace, and is
drawn to finance the purchase of goods with maturity in accordance with the original terms of
purchase, or is secured by shipping documents transferring or securing title to goods or by receipt of a
licensed or bonded warehouse or elevator transferring or securing title to readily marketable,
nonperishable staples.
(2) A draft which has not more than 3 months sight to run, exclusive of days of grace, and is
drawn by a bank outside the continental limits of the United States for the purpose of furnishing dollar
exchange for trade.
(b) A commercial bank may issue a letter of credit, but unless the authority conferred to draw upon
the bank or its correspondents is limited to such drafts as a bank is authorized by this section to accept, the
amount of the credit outstanding at any one time shall be deemed to be a loan to the person for whose
account the credit was issued.
Source: official Guam text · Last verified 2026-08-27
At a glance
- Citation: Guam Code Annotated § 106174
- Jurisdiction: Guam
- Code: Guam Code Annotated
- Subject: Acceptances.
- Text: transcribed from the official source (verify below)
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Statute text is transcribed from the official Guam Code Annotated. Confirm it against the primary source before relying on it:
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Common questions
What is the source of Guam Code Annotated § 106174?
The text above is transcribed from the Guam Code Annotated, the codified statutes of Guam. The official publisher link appears under "Verify the text" on this page.
What subject does Guam Code Annotated § 106174 address?
It addresses "Acceptances.". Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Guam Code Annotated § 106174 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Guam source before relying on this text.
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