(a) The owner or owners of a vehicle may create an interest in the vehicle that is transferrable on the death of the owner or owners by obtaining a certificate of title conveying the interest in the vehicle to one (1) or more persons as transfer on death beneficiaries. Where there is more than one transferee on death beneficiary, the type of joint ownership created is a joint tenancy with rights of survivorship.
(b) Subject to subsection (e), an interest in a vehicle transferred under this section vests upon the death of the owner or owners.
(c) A certificate of title that is worded in substance as “A.B. transfers on death to C.D.” or “A.B. and C.D. transfer on death to E.F.”, and that is signed by the owner or owners, shall constitute a valid conveyance, on the death of the owner(s), to the transferee(s).
(d) A certificate of title obtained under this section is not required to be supported by consideration or delivered to the named transferee(s) in order to be effective.
(e) Upon the death of the owner(s) conveying an interest in a vehicle in a certificate of title obtained under this section, the interest in the vehicle is transferred to each beneficiary under the following conditions:(1) The beneficiary is named in the certificate and survives the transferor;(2) The beneficiary is one of the named beneficiaries, survives the transferor, and is entitled to an interest in the vehicle following the death of another beneficiary who is named in the certificate and who did not survive the transferor.
(1) The beneficiary is named in the certificate and survives the transferor;
(2) The beneficiary is one of the named beneficiaries, survives the transferor, and is entitled to an interest in the vehicle following the death of another beneficiary who is named in the certificate and who did not survive the transferor.
(f) A certificate of title designating a transfer on death beneficiary is not testamentary. A certificate of title designating a transfer on death beneficiary takes precedent over any will or other testamentary instrument.
(g) In order to obtain a Transfer on Death Title, the transfer on death beneficiary who is applying for a certificate of title for a vehicle shall submit an application in the form and manner prescribed by the Bureau of Motor Vehicle which shall include, but not be limited to, the following:(1) The former title number, if applicable;(2) The acquisition date by the beneficiary; and(3) The name of the beneficiary and valid identification and social security number or other federal identification number of the beneficiary.
(1) The former title number, if applicable;
(2) The acquisition date by the beneficiary; and
(3) The name of the beneficiary and valid identification and social security number or other federal identification number of the beneficiary.
(h) If there is a lien on the vehicle to be transferred, a transfer on death may not be executed until the vehicle is released from the lien.
(i) For purposes of this section, “vehicle” has the meaning as set forth in 20 V.I.C. § 101, but also includes any motorized vessel or craft designed specifically for movement on the surface of water.