{"data":{"id":"us-gu/13-gca-5103","jurisdiction":"us-gu","citation":"13 GCA § 5103","heading":"Definitions.","body":"(1) In this division unless the context otherwise requires\n(a) Credit or letter of credit means an engagement by a bank or other person made at the request of a customer and of a kind within the scope of this division (Section 5102) that the issuer will honor drafts or other demands for payment upon compliance with the conditions specified in the credit. A credit may be either revocable or irrevocable. The engagement may be either an agreement to honor or a statement that the bank or other person is authorized to honor.\n(b) A documentary draft or a documentary demand for payment is one honor of which is conditioned upon the presentation of a document or documents. Document means any paper including document of title, security, invoice, certificate, notice of default and the like.\n(c) An issuer is a bank or other person issuing a credit.\n(d) A beneficiary of a credit is a person who is entitled under its terms to draw or demand payment.\n(e) An advising bank is a bank which gives notification of the issuance of a credit by another bank.\n(f) A confirming bank is a bank which engages either that it will itself honor a credit already issued by another bank or that such a credit will be honored by the issuer or a third bank.\n(g) A customer is a buyer or other person who causes an issuer to issue a credit. The term also includes a bank which procures issuance or confirmation on behalf of that bank's customer.\n(2) Other definitions applying to this division and the sections in which they appear are:\nNotation of credit. Section 5108.\nPresenter. Section 5112(3).\n(3) Definitions in other divisions applying to this division and the sections in which they appear are:\nAccept or acceptance. Section 3410.\nContract for sale. Section 2106.\nDraft. Section 3104.\nHolder in due course. Section 3302.\nMidnight deadline. Section 4104.\nSecurity. Section 8102.\n(4) In addition, Division 1 contains general definitions and principles of construction and interpretation applicable throughout this division.","path":["Title 13: Uniform Commercial Code","Division 5: Letters of Credit"],"source_url":"https://col.guamcourts.gov/sites/default/files/13gdv005.pdf","current_through":"P.L. 38-133 (June 4, 2026)","vintage":"","retrieved_at":"2026-09-27T03:28:18Z","sha256":"57804cf30e3a57fc847325715c7b49332f87b2da1556302f950233542dc98780","source_id":"us-gu","stale":false,"prev":"us-gu/13-gca-5102","next":"us-gu/13-gca-5104"},"notice":"GroundRules: Original legal text. Not legal advice."}