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EIE Guam Corporation v. Long Term Credit Bank of Japan, Ltd., CVA 96-017, Opinion
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\insrsid2950739\charrsid2827997 )}{\insrsid2950739\charrsid2827997 \tab Supreme Court Case No. }{\b\insrsid2950739\charrsid2827997 CVA96-017}{\insrsid2950739\charrsid2827997 
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\insrsid2950739\charrsid2827997 
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\par }\pard \qc \li0\ri0\nowidctlpar\tqc\tx4680\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Filed May 21, 1998}{\insrsid2950739 
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 Cite as: 1998 Guam 6
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\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 On Appeal from the Superior Court of Guam
\par Argued and Submitted on February 18,1998
\par H\'e5gat\'f1a, Guam
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\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 G. Patrick Civille, Esq. (On the Brief)
\par CHING BOERTZEL CIVILLE 
\par CALVO & TANG
\par A Professional Corporation
\par Suite 400, GCIC Building 
\par 414 West Soledad Avenue
\par H\'e5gat\'f1a, Guam 96910
\par 
\par Jacqueline Aaron (Appearing at Oral Argument)
\par SHEARMAN & STERLING
\par 777 South Figueroa Street, 34}{\super\insrsid2950739\charrsid2827997 th}{\insrsid2950739\charrsid2827997  Floor
\par Los Angeles, California 90017
\par 
\par }{\ul\insrsid2950739\charrsid2827997 Attorneys for Plaintiff-Appellee}{\insrsid2950739\charrsid2827997 
\par David A. Mair (On the Brief) and John Spade (Appearing at Oral Argument)
\par MAIR, MAIR, SPADE & THOMPSON
\par A Professional Corporation
\par Attorneys at Law
\par Suite 807, GCIC Building
\par 414 West Soledad Avenue
\par H\'e5gat\'f1a, Guam 96910
\par 
\par Eduardo A. Calvo (On the Brief)
\par CALVO AND CLARK, Attorneys at Law
\par Suite 202, First Savings & Loan Building
\par 655 South Marine Drive
\par Tamuning, Guam 96911 
\par }{\insrsid2827997 
\par }{\insrsid2950739\charrsid2827997 BEFORE: PETER C. SIGUENZA, Chief Justice, JANET HEALY WEEKS, and JOSE I. LEON GUERRERO, Associate Justices.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 SIGUENZA, CJ.:}{\b\insrsid16125607\charrsid2827997 
\par }{\insrsid16125607\charrsid2827997 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\b\i\insrsid2950739\charrsid2827997 I. Background}{\insrsid2950739\charrsid2827997 
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\par }{\b\insrsid2950739\charrsid2827997 [1]}{\insrsid2950739\charrsid2827997 \tab In the 1980's, Long Term Credit Bank of Japan (LTCB), a Japanese corporation, made l
oans to another Japanese corporation, EIE International (EIEI), in order to finance various construction projects.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
Consequently, EIE Guam (EIEG) was specifically incorporated to develop and hold the now Guam Hyatt Hotel.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [2]}{\insrsid2950739\charrsid2827997 \tab EIEI and EIEG initially invested $70 - $150 million to develop the construction project.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
As security for the loans, LTCB obtained a mortgage on the hotel as well as interests in the hotel}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
s equipment, accounts receivable, inventory, bank accounts, and contract rights. The loan transaction was made and approved in Japan, administered in Japan, and made payable in Japan.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
In 1992, an additional loan of $103 million was made directly to EIEG for purposes of completing the hotel.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 It is undisputed t
hat this loan was also negotiated, approved, and executed in Japan and the amounts denominated in yen; nor is it disputed that performance, as well as the availability of the funds would be in Japan.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 

\par 
\par }{\b\insrsid2950739\charrsid2827997 [3]}{\insrsid2950739\charrsid2827997 \tab On August 2, 1995, a suit arose over the loan agreements.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
LTCB and four other Japanese banks were named as defendants.}{\cs15\super\insrsid2950739\charrsid2827997 \chftn {\footnote \pard\plain \qj \fi720\li0\ri0\sa240\sl480\slmult1\nowidctlpar\faauto\rin0\lin0\itap0 
\fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\cs15\super\insrsid2950739 \chftn }{\fs20\insrsid2950739 The four other banks were later dismissed from the case. }}}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
EIEG filed the complaint to set aside the mortgages and the other security interests, maintaining that the mortgages were fraudulently executed in favor of LTCB upon instruction of LTCB when it took over EIEI}{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 s operation.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
EIEG also asserted LTCB refused both to complete the financial restructuring it had earlier begun or to extend its loans to EIEG although they were not in default.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
LTCB answered the complaint and filed counterclaims for foreclosure on the mortgages securing the construction loan used to develop the hotel.}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [4]}{\insrsid2950739\charrsid2827997 \tab EIEG moved for summary judgment on LTCB}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997 s counterclaims asserting LTCB did not have a Guam foreign corporation license, a Guam business license, nor a statement of exemption.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
These assertions were not disputed.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [5]}{\insrsid2950739\charrsid2827997 \tab At hearing, the lower court orally granted the motion for summary judgment and dismissed the counterclaims.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
A written Decision and Order was later issued supporting the trial court}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 s earlier order.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The court then certified the dismissal of the counterclaim as a final judgment which was entered on the docket on November 21, 1996.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 LTCB timely filed a Notice of Appeal on November 26, 1996.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\b\i\insrsid2950739\charrsid2827997 II. Analysis}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 [6]}{\insrsid2950739\charrsid2827997 \tab A review of the grant or denial of a motion for summary judgment is reviewed }{\i\insrsid2950739\charrsid2827997 de novo}{\insrsid2950739\charrsid2827997 .}{
\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Iizuka Corp. v. Kawasho Int}{\i\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\i\insrsid2950739\charrsid2827997 
l (Guam), Inc.}{\insrsid2950739\charrsid2827997 , 1997 Guam 10, }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 38 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 7.}{\insrsid16125607\charrsid2827997  
}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [7]}{\insrsid2950739\charrsid2827997 \tab Title 11 of the Guam Code Annotated encompasses the}{\insrsid2827997  Financial and Tax laws of Guam}{\insrsid2950739\charrsid2827997 .}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 This Title is divided into four divisions, including Division 3, entitled }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997 Business License Law}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  and Division 4 entitled }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 Banks and Banking.}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
The Banks and Banking division includes Chapter 106 on Banks which sets out statutes, located within Article 7, governing the operations of foreign banks on Guam.}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [8]}{\insrsid2950739\charrsid2827997 \tab Essentially all of Guam}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
s current foreign banking provisions were enacted into law on December 11, 1975 via Guam Pub. L. 13-111:5.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
These foreign banking laws were added to Article III of the Title XXXI of the Government Code,}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 adopted as an entirely new chapter, and did not expressly amend existing statutes.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The Chapter resulted in an area of law not previously addressed and mirrors almost exactly California}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 s foreign banking laws.}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [9]}{\insrsid2950739\charrsid2827997 \tab LTCB asserts that, as a foreign bank, it need not comply with Guam}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f169\fs24}}}{\insrsid2950739\charrsid2827997 s business licensing laws because of the language set forth in 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997  106730.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This provision states:}{\insrsid2827997 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Nothing i
n this Chapter shall be deemed to prohibit a foreign banking corporation which does not maintain an office in this Territory for the transaction of business from making loans in this Territory secured by mortgages on real property or from accepting assign
ments of mortgages covering real property situated in this Territory.}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }{\insrsid2950739\charrsid2827997 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106730 (1994).}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 In order to understand this provision properly, it must be read in context with the other provisions set forth in the Article 7.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
Essentially, each statute is linked to another by specific reference. The applicable statutes are listed below.}{\insrsid2827997 
\par 
\par }\pard \ql \fi-11\li720\ri0\nowidctlpar\tx-1440\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 
106722. Right of Foreign Banking Corporation to Engage in Business.}{\insrsid2950739\charrsid2827997 
 A foreign banking corporation shall not engage in the banking or trust business in this Territory unless it is licensed to do so pursuant to the provisions of }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 106725 and unless it first complies with all the provisions of this Chapter and then only to the extent expressly permitted in this Chapter or by regulations of the Board.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 In transacting such business a foreign banking corporation shall comply with all applicable provisions of this Title and of the laws of this Territory. }{\insrsid2827997 
\par }\pard \ql \fi-720\li720\ri0\nowidctlpar\tx-1440\faauto\rin0\lin720\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\b\insrsid2950739\charrsid2827997  106721 (1994).}{\b\insrsid2827997 
\par }{\insrsid2827997 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 
106722. Requirements to Do Business in Territory.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 A foreign banking corporation shall not commence to do business in this Territory until it has met the following requirements:}{
\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \fi-720\li2160\ri0\nowidctlpar\tx-1440\faauto\rin0\lin2160\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (a) \tab It is authorized by its charter to transact the character of business described in }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 106727 and has complied with the laws of the country under which it is incorporated.}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \fi-720\li2160\ri0\nowidctlpar\tx-1440\faauto\rin0\lin2160\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (b)\tab 
It has filed with the Commissioner a certified copy of its charter or articles of incorporation and of its by-laws and a copy of an application for a commercial license pursuant to }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 72104 and }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
72105 of this Code.}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \fi-720\li2160\ri0\nowidctlpar\tx-1440\faauto\rin0\lin2160\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (c)\tab It has furnished to the Commissioner such proof of the nature and character of its business and its financial conditio
n, stock ownership and managements as he may require. }{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 . . . .}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \fi-720\li2160\ri0\nowidctlpar\tx-1440\faauto\rin0\lin2160\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (e)\tab It has complied with all applicable requirements of the Title 18 Guam Code Annotated relating to foreign corporations }{
\b\insrsid2950739\charrsid2827997 except matters specifically otherwise provided for in this Title.}{\insrsid2950739\charrsid2827997  (Emphasis added.)}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 . . . .}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \fi-720\li2160\ri0\nowidctlpar\tx-1440\faauto\rin0\lin2160\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (i)\tab It has received from the License Board of the Department a commercial license pursuant to }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 72102.}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\b\insrsid2950739\charrsid2827997  106722 (1994).}{\b\insrsid2827997 
\par }{\insrsid2827997 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 106725.}{
\insrsid2950739\charrsid2827997  }{\b\insrsid2950739\charrsid2827997 Approval of Application; Issuance of License; Transfer; Display.}{\insrsid2950739\charrsid2827997 
 The Commissioner shall convey to the Board his recommendation as to whether the application of a foreign banking corporation should be approved.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The Board m
ay, in its discretion, direct License Division of the Department to issue such license to such corporation when it is satisfied that the corporation has met all the requirements of this Chapter.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 The license shall authorize the corporation }{\b\insrsid2950739\charrsid2827997 to transact the}{\b\i\insrsid2950739\charrsid2827997  }{\b\insrsid2950739\charrsid2827997 business permitted by }{
\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 106727}{\insrsid2950739\charrsid2827997  }{\b\insrsid2950739\charrsid2827997 
at the location specified therein}{\insrsid2950739\charrsid2827997 .}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 No such license shall be transferrable or assignable.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 Each such license shall be conspicuously displayed at all times in the, [sic] place of business specified therein. (Emphasis added.)}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997  106725 (1994).}{\insrsid2827997 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 106727.}{
\insrsid16125607\charrsid2827997  }{\b\insrsid2950739\charrsid2827997 Business Which May be Transacted in Territory.}{\insrsid2950739\charrsid2827997  A foreign banking corporation which is authorized by license under }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
106725 may transact in this Territory the business of buying, selling, paying or collecting bills of exchange, or issuing letters of credit, of receiving money for transmission by draft, check, cable or otherwise, and of making loans.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 It may transact in this Territory the business of accepting deposits only as provided in }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 106728.}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997  106727 (1994).}{\insrsid2827997 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 106728.}{
\insrsid16125607\charrsid2827997  }{\b\insrsid2950739\charrsid2827997 Accepting Deposits from Foreign State or Pperson, Etc.}{\b\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 . . . .}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (b) A foreign banking corporation may transact in this Territory the business of accepting deposits from any foreign stat
e or from any person which resides, is domiciled, and maintains its principal place of business outside the territory [sic]of Guam, if: (1)Such foreign banking corporation has complied with all of the requirements of }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
106722; and (2) Such foreign banking corporation has received from the Commissioner his written approval to transact such business in this Territory.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li1440\ri0\nowidctlpar\faauto\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (c) A foreign banking corporation which transacts such business in this Territory shall, with respe
ct to business transacted by it in this Territory, comply with and be subject to the provision of this Title.}{\b\insrsid2950739\charrsid2827997  }{\b\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997\charrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997  106728 (1994).}{\b\insrsid2827997 
\par }{\insrsid2827997 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997 106729.}{
\insrsid16125607\charrsid2827997  }{\b\insrsid2950739\charrsid2827997 Accepting Domestic Deposits.}{\insrsid2950739\charrsid2827997 
 (b)A foreign banking corporation may transact in this Territory the business of accepting deposits from any person who is domiciled and maintains its principal place of business within the Territory if: (1) Such foreign banking
 corporation has complied with all of the requirements of }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
106722; and (2) Such deposits may only be accepted from persons who are or were borrowers from a bank accepting the deposit, provided . . . .}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997\charrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997  106729 (1994).}{\b\insrsid2827997 
\par }{\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 [10]}{\insrsid2950739\charrsid2827997 \tab The law is clear that a foreign bank can engage in business only if it is properly authorized to do so. 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL
 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106721 (1994).}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 A foreign bank is p
roperly authorized to do business on Guam when it holds two licenses: 1) a Banking Business licensed issued pursuant to 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997  106725; and a Foreign Corporation License issued pursuant to 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 106722(e).}{\insrsid2827997 
\par 
\par }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
When these licenses are obtained, a foreign bank may conduct the following specifically enumerated business transactions: buying, selling, paying or collecting bills of exchange, issuing letters of credit, or receiving money for transmission by draft, che
ck, cable or otherwise, and }{\b\insrsid2950739\charrsid2827997 making loans}{\insrsid2950739\charrsid2827997 .}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106727.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 If the criteria of 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL
 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106728 and 106729 are met, a foreign 
bank can also accept deposits from both foreign and domestic persons.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 Specifically }{\b\insrsid2950739\charrsid2827997 not enumerated}{\insrsid2950739\charrsid2827997  in }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
106727, 106728 or 106729 is the securing of a loan with a mortgage on real property located in Guam by a foreign bank.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
The omission of this type of transaction from the activities requiring licensing evidences an intent by our legislature to exempt it from the licensing statutes. 2A }{\i\insrsid2950739\charrsid2827997 Sutherland Statutory Construction}{
\insrsid2950739\charrsid2827997  }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  47.23 (Rev. 5}{\super\insrsid2950739\charrsid2827997 th}{
\insrsid2950739\charrsid2827997  ed. 1992).}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [11]}{\insrsid2950739\charrsid2827997 \tab The legislature}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
s enactment of a specific statute distinguishing the transaction at issue is another compelling indication of the intent to exempt a foreign bank that enters into such a transaction from the licensing laws.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 The language of 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106730 states that }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 [n]othing in this Chapter shall be deemed to prohibit}{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  a foreign bank from engaging in this type of mortgage transaction.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 This statute, coupled with the specifically listed business transactions in }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997 106727, shows that this type of transaction apparently does not require a license.}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [12]}{\insrsid2950739\charrsid2827997 \tab The state of California, from which Guam adopted its statute, has addressed the same issue now before us.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
In }{\i\insrsid2950739\charrsid2827997 Sondeno v. Union Commerce Bank}{\insrsid2950739\charrsid2827997 , 71 Cal.App.3d 391 (1977), a California appellate court had to decide whether an Ohio bank had charged a usurious interest rate.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The issue dealt with the same statutory language limiting a foreign bank from doing business within the state without a license.}{\insrsid16125607\charrsid2827997  }{
\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2950739\charrsid2827997  at 394.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 California law also contained a statute, similar to Guam}{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 s, permitting a foreign bank to make a loan secured by real property within the state without a license.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The }{\i\insrsid2950739\charrsid2827997 Sondeno}{\insrsid2950739\charrsid2827997  court read the statute permitting the loan secured by real property as }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 express permission for the transaction of such business.}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2950739\charrsid2827997  at 395.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
Further, the requirements to otherwise conduct the other enumerated transactions of a licensed foreign bank were removed by this language. }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2950739\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [13]}{\insrsid2950739\charrsid2827997 \tab Likewise, in }{\i\insrsid2950739\charrsid2827997 Skylake State Bank v. Solar Heat and Insulation of Central Utah, Inc}{\insrsid2950739\charrsid2827997 
., 559 N.Y.S.2d 930 (Sup.Ct. 1990), a New York court made the same ruling when confronted with a similar situation.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
An out of state bank, not licensed in the state, loaned money to the defendants and secured the loan with a mortgage on New York property. }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2950739\charrsid2827997 
 at 931. The defendants had opposed a summary judgment motion based on the bank}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
s lack of authorization to do business in the state.}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2950739\charrsid2827997  at 931.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
They asserted that the bank could not bring an action in court pursuant to state law. }{\i\insrsid2950739\charrsid2827997 Id.}{\i\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The court held that }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
[a]n analysis of the regulatory scheme shows that the common-sense result must follow: a lender may enforce its rights in New York collateral.}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f169\fs24}}}{\insrsid2950739\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The regulatory scheme applied primarily to banks maintaining off
ices within the state in order to protect consumers.}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\i\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The }{\i\insrsid2950739\charrsid2827997 Skylake}{
\insrsid2950739\charrsid2827997  court also addressed New York}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
s general statue that prevented a foreign corporation not authorized to do business from bringing suit in the state courts.}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2950739\charrsid2827997  at 932.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This law was, on its face, applicable to banks. }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
However, New York had a specific statute expressly permitting a foreign bank which obtained a mortgage secured by real property to enforce its rights.}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [14]}{\insrsid2950739\charrsid2827997 \tab The banking laws addressing the conduct and activities of foreign banks do not require}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
foreign banks, without offices on Guam, to obtain licenses, necessary for broader financial activities, in order to enter loans secured by Guam real property.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This trans
action is specifically exempted from such licensing requirements under 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106730.}{
\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [15]}{\insrsid2950739\charrsid2827997 \tab We next address whether a statement of exemption must otherwise be obtained.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
The Government of Guam, as a policy, requires all businesses to have a business license. 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 70130 (1994).}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 If the commercial activity or money-making activity is not required to obtain a business license, the statute then requires a business to obt
ain a statement of exemption stating no business license is required.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f169\fs24}}}{\insrsid2950739\charrsid2827997  70130(a).}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This exemption then can be used in lieu of a business license.}{\insrsid16125607\charrsid2827997  }{
\i\insrsid2950739\charrsid2827997 Id.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [16]}{\insrsid2950739\charrsid2827997 \tab If neither a business license nor exemption is obtained, a non-complying business}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 s legal recourse is also limited.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  70130.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The relevant provisions of the statute state: }{\insrsid2827997 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (d) no commercial activity (including 
operating or leasing of real property) doing business on Guam without a business license may file suit in Guam courts until such time that a business license is obtained.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
No person engaged in commercial activity without a business license may use the courts to enforce, directly or indirectly, any obligation, lien, or contract incurred during the period of such commercial activ}{\insrsid2827997 
ity without a business license;
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 (f) The courts shall liberally construe subsection (b) through (e) of this Section in favor of the 
landlord or business person and shall ignore technical deficiencies if the courts find there has been substantial compliance with the business license laws, rules, and regulations and if the courts find that the landlord or business person has filed on a 
timely basis (within thirty (30) days of the due date) gross receipts tax returns fully reporting all accountable revenues from the activity concerned for the periods in question;}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997  70130.}{\b\insrsid2827997\charrsid2827997 
\par }{\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 [17]}{\insrsid2950739\charrsid2827997 \tab This statute, however, is not applicable to a foreign bank engaging in a transaction listed in 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106730.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The purpose of 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  70130 is to obtain compliance and collection of gross receipts taxes.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 11 GCA }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  70130(f) requires a court to }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 liberally construe subsections (b) through (e) of this Section in favor of . . . the business person and .}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 
. . ignore technical deficiencies if the courts find there has been substantial compliance with the business license laws, rules, and regulations and if the courts find that the landlord or business person has filed on a timely basis . . . gross rece
ipts tax returns fully reporting all accountable revenues from the activity concerned for the periods in question . . . .}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [18]}{\insrsid2950739\charrsid2827997 \tab However, a foreign bank conducting a transaction pursuant to 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f169\fs24}}}{\insrsid2950739\charrsid2827997  106730 is not subject to gross receipt taxes.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 A review of 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  26202(f) indicates that banks must pay gross receipts tax equaling}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
4% of the net income received from business.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This is calculated by the following: }{\insrsid2827997 
\par 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 a.\tab}}\pard\plain \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\insrsid2950739\charrsid2827997 Gross Income of the bank from all sources; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 b.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Salaries or bonuses paid or other compensation; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 c.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Rents paid; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 d.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Interest or discount paid; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 e.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Ordinary operating expenses su
ch as supplies, utility services, insurance premiums other than for life insurance, provided that any deductible insurance expense shall be allowable only to the extent that such a premium is applicable to the tax period against which it is claimed; less,
}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 f.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Loans or obligation charged off the books of the bank as losses unless charged against reserves then in existence; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 g.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Losses other than loan losses, such as those occasioned by fire or other casualty, theft, embezzlement, and the like, but only 
to the extent not covered by insurance proceeds collected; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin1440\itap0\pararsid2827997 {\field\flddirty{\*\fldinst {\insrsid2950739\charrsid2827997 SEQ a,_b,_c, \\* alphabetic \\n}}{\fldrslt {
\insrsid2950739\charrsid2827997 h}}}{\insrsid2950739\charrsid2827997 .\tab Transfers from earnings to reserve for bad debts or other contingencies provided for; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 h.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Miscellaneous direct expenses such as legal, advertising, auditing, and the like; less,}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440{\*\pn \pnlvlcont\ilvl0\ls0\pnrnot0\pndec }\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par {\pntext\pard\plain\s16 \insrsid2950739\charrsid2827997 \hich\af0\dbch\af0\loch\f0 i.\tab}}\pard \s16\ql \fi-720\li1440\ri0\nowidctlpar\tx-1440\jclisttab\tx1440{\*\pn \pnlvlbody\ilvl0\ls1\pnrnot0\pnlcltr\pnstart1\pnindent360\pnsp120 {\pntxta .}}
\faauto\ls1\rin0\lin1440\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Loss on property sold and depreciation on property owned.}{\insrsid2827997 
\par }\pard \s16\ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard\plain \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 \fs24\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\insrsid2950739\charrsid2827997 11 GCA }{\b\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\insrsid2950739\charrsid2827997  26202(f)(1995).}{\b\insrsid2827997\charrsid2827997 
\par }{\insrsid2827997 
\par }{\b\insrsid2950739\charrsid2827997 [19]}{\insrsid2950739\charrsid2827997 \tab It is apparent the types of banks required to pay gross receipts taxes would be those}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 loca
ted on island including foreign banks licensed pursuant to }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106725.}{\insrsid16125607\charrsid2827997 
 }{\insrsid2950739\charrsid2827997 A foreign bank so licensed would be required under 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 106724 to keep separate accounting records of assets, liabilities, income, expenses, etc. to enable the determination of the gross receipts tax.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
Moreover, such a bank maintains accounting records locally that permit the audit and verification of calculations of gross tax receipts.}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Id.}{\insrsid16125607\charrsid2827997  }{
\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [20]}{\insrsid2950739\charrsid2827997 \tab The statute also requires that the gross tax calculation be based on income from all sources.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
It is highly unlikely that Guam would undertake the collection of taxes on all income sources of a foreign bank because of its loan secured by mortgage property.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 Equ
ally difficult to imagine would be allowing a bank such as LTCB to deduct from income all of its worldwide expenses.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [21]}{\insrsid2950739\charrsid2827997 \tab Next, 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 70130 does not apply to an entity doing business under 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 106730 because the purpose of licensing, pursuant to 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  70102, is to ensure }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 that all necessary and reasonable co
ntrol and regulation thereof may be practiced by the Government of Guam for the protection of the health, safety and morals of the people of Guam.}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f169\fs24}}}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 However, as addressed in }{\i\insrsid2950739\charrsid2827997 Skylake}{\insrsid2950739\charrsid2827997 , these public interest concerns
 are not implicated by lending of a foreign bank which is secured by in state property.}{\insrsid16125607\charrsid2827997  }{\i\insrsid2950739\charrsid2827997 Skylake}{\insrsid2950739\charrsid2827997 , 559 N.Y.S.2d at 932. }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [22]}{\insrsid2950739\charrsid2827997 \tab In addition, the legislature included specific language in 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt
\f169\fs24}}}{\insrsid2950739\charrsid2827997  106731, not included in 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 106730, that exempts the transaction at issue from the business licensing requirements of 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 70130.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The language of both statutes state, }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997 Nothing in this Chapter shall prohibit . . . .}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 foreign corporations from conducting certain transactions. }{\i\insrsid2950739\charrsid2827997 See id.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 However, 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL
 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106731 further states: }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 65 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997 subject to compliance with any applicable laws of this Territory pertaining to foreign corporations and any other applicable law, . . . .}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 64 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This language is not present in the mortgage provision of the chapter.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 Because the legislature enacted these two provisions at the same time, we must assume an intent by the legislature to insulate a mortgage transaction from other laws, including the licensing laws.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 2A }{\i\insrsid2950739\charrsid2827997 Sutherland Statutory Construction}{\insrsid2950739\charrsid2827997  }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f 
"WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  47.23 (Rev. 5}{\super\insrsid2950739\charrsid2827997 th}{\insrsid2950739\charrsid2827997  ed. 1992).}{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [23]}{\insrsid2950739\charrsid2827997 \tab As stated earlier, a foreign bank wanting to conduct business specified in 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106727 must obtain both a business license and a foreign corporation license. 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106722(e)(stating that the bank must comply with Title 18 requirements).}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
The conditions for a foreign corporation license are set forth in 18 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  7101.}{\insrsid2827997 

\par 
\par }{\b\insrsid2950739\charrsid2827997 [24]}{\insrsid2950739\charrsid2827997 \tab The business license requirement is set forth in 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}
{\insrsid2950739\charrsid2827997  106722(i).}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This statute specifically requires that a commercial license be issued pursuant to 11 GCA }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  72102.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 This provision states:}{\insrsid2827997 
\par 
\par }\pard \ql \li720\ri0\nowidctlpar\faauto\rin0\lin720\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 Every person engaging in or carrying on business in Guam of banking or receiving the money
 of others on deposit shall be required annually to obtain a commercial license; provided, however, that in addition to the requirements of this Subchapter, a license shall not be issued to a foreign banking corporation }{
\b\i\insrsid2950739\charrsid2827997 unless its application has first been approved by the Banking Board pursuant to 22 [sic] GCA }{\b\i\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\b\i\insrsid2950739\charrsid2827997 106725 [GC }{\b\i\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\b\i\insrsid2950739\charrsid2827997 
30924] and the license is in the form prescribed by that Section.}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }{\insrsid2950739\charrsid2827997 Thus, it is clear from }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  72102, coupled with the language of }{
\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106725 (the Banking 
Board directs the Licensing Division)(listed above), that a license will be issued only by the Banking Board}{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 61 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{
\insrsid2950739\charrsid2827997 s authority.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The Licensing Division has therefore no discretion in this matter.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
It must carry out the directives of the Banking Board.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 Likewise, the Licensing Division has no discretion as to whether to issue an exemption to a foreign bank.}{
\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 That authority also lies with the Banking Board.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }{\b\insrsid2950739\charrsid2827997 [25]}{\insrsid2950739\charrsid2827997 \tab Finally, this Court finds that having to get an exemption in order to make a loan secured by Guam real property is simply not reasonable.}{\insrsid16125607\charrsid2827997  }{
\insrsid2950739\charrsid2827997 When a bank gets the two licenses required under 11 GCA }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 106722, it may engage in the transactions set forth in }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997 
 106727 and, if the bank qualifies, engage in transactions set forth in }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106728 and 106729.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 The business license does not include the transaction set forth in }{\insrsid2950739\charrsid2827997 
{\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols" \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  106730, the securing of a mortgage loan with Guam real property.}{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 
Consequently, because it is not included within the scope of the license, then the foreign bank, licensed here on Guam, would still need to get an exemption under }{\insrsid2950739\charrsid2827997 {\field{\*\fldinst SYMBOL 39 \\f "WP TypographicSymbols"
 \\s 12}{\fldrslt\f169\fs24}}}{\insrsid2950739\charrsid2827997  70130.}{\insrsid16125607\charrsid2827997  }{\insrsid2827997 
\par 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\b\i\insrsid2950739\charrsid2827997 III. Conclusion}{\insrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \ql \fi-720\li720\ri0\nowidctlpar\tx-1440\faauto\rin0\lin720\itap0\pararsid2827997 {\b\insrsid2950739\charrsid2827997 [26]\tab }{\insrsid2950739\charrsid2827997 Based on the foregoing, we }{\b\insrsid2950739\charrsid2827997 REVERSE}{
\insrsid2950739\charrsid2827997  the judgment of the Superior Court.}{\insrsid16125607\charrsid2827997  
\par }\pard \ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2827997 
\par }\pard \qc \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 PETER C. SIGUENZA\tab \tab \tab }{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 JANET HEALY WEEKS
\par Chief Justice\tab \tab \tab \tab }{\insrsid16125607\charrsid2827997  }{\insrsid2950739\charrsid2827997 \tab Associate Justice}{\insrsid16125607\charrsid2827997 
\par }\pard \ql \li0\ri0\nowidctlpar\tx-1440\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid16125607\charrsid2827997 
\par }\pard \qc \li0\ri0\nowidctlpar\faauto\rin0\lin0\itap0\pararsid2827997 {\insrsid2950739\charrsid2827997 JOSE I. LEON GUERRERO
\par Associate Justice}{\insrsid2827997 
\par }}