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Virgin Islands Statutes, Title 9

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 9, Banking

20 chapters · 557 sections in this title.

All chapters in Title 9557 Ch 26, Virgin Islands Finance Lenders159 Ch 23, Uniform Securities Act61 Ch 19, Savings and Loan Associations58 Ch 22, Uniform Money Services Act49 Ch 25, International Banking Center Regulat…43 Ch 20, Mortgage Loans38 Ch 15, Regulation of Small Loans and Pawnbr…37 Ch 11, Banking Transactions and Conduct of …36 Ch 3, Organization and Management of Banks15 Ch 24, Uniform Prudent Investors Act14 Ch 7, Merger or Consolidation8 Ch 17, Disclosure of Finance Charges8 Ch 1, General Provisions7 Ch 5, Regulation and Supervision of Banks …7

36 sections·Filtered byTitle 9✕Ch 11✕

9 V.I.C. § 120 Business days and hours
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(1) (a) A financial institution may, at its discretion, establish days and hours for its offices, provided that it shall post the days and hours of operation at or near the public entrances to its offices.(b) A financial institution may temporarily close any of its offices for re…
9 V.I.C. § 121 General powers of banks and foreign banks
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(1) In addition to the general powers conferred upon domestic corporations or other organizational entities the structures of which are used by banks under the laws of the United States Virgin Islands, every bank, and, with respect to business done at any branches established in …
9 V.I.C. § 122 Legal reserve of banks and foreign banks
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(a) Subject to such additional requirements as the Banking Board may impose, every bank or foreign bank shall maintain a legal reserve which shall not be less than 20 percent of its demand liabilities, excepting deposits of the United States Virgin Islands or Federal Government, …
9 V.I.C. § 123 Transactions of banks and foreign banks restricted; penalties
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(a) No bank or foreign bank may make to any one person, firm, partnership or corporation, one or more loans or discounts totaling more than 15 percent of the paid-in capital, reserve, and undistributed profits of such bank or foreign bank, nor shall it accept the security of any …

9 V.I.C. § 124 Certified checks; penalty for false certification

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It shall be unlawful for any director, officer, agent or employee of any bank or foreign bank to certify any check drawn upon said bank unless the person or company drawing the check has on deposit with the bank, at the time such check is certified, an amount not less than the am…

9 V.I.C. § 125 Embezzlement, etc.; penalty

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(1) Whoever, being a president, director, or cashier, or an officer, employee, or agent of any bank or foreign bank—(1) embezzles, abstracts, or wilfully misapplies, any of the moneys, funds, or credits of the bank or securities therein; or(2) without being duly authorized, issue…

9 V.I.C. § 126 Penalty for receiving deposits when insolvent

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(a) Whoever, being an officer, agent, collector, teller, or clerk of any bank or foreign bank doing business in the United States Virgin Islands, receives any deposit knowing that such bank or foreign bank is insolvent—(1) if the amount or value of such deposit is less than $25, …

9 V.I.C. § 127 Fraudulent conveyances; attachment, etc.; penalties

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All transfers of notes, bonds, bills of exchange or credits of any bank or foreign bank or of deposits to the credit thereof, and all assignments of mortgages, security on real property, or of judgments or decrees in favor of such bank, and all deposits of money, gold and silver …

9 V.I.C. § 128 False statements for credit purposes

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Whoever knowingly, in his own name or in representation of a natural or artificial person, furnishes a bank or foreign bank any false information or financial statements, with the purpose of inducing the bank to grant credit, to give banking facilities, or make any business trans…

9 V.I.C. § 129 Accounting system

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Every bank or foreign bank shall keep an accounting system which shall reflect the financial condition of the bank or foreign bank, and its relations, operations and transactions with third persons whether natural or artificial, and with government organizations, and shall keep a…

9 V.I.C. § 130 Unlawful fees or commissions; penalties

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Whoever, being an officer, a director, or an employee or agent of a bank or foreign bank, stipulates, receives, or acquiesces in or agrees to receive any fee, commission, gift or thing of value, from any person, firm or corporation, for obtaining, or trying to obtain, for such pe…

9 V.I.C. § 131 Discrediting banks and foreign banks; penalties

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Any person who knowingly and maliciously makes, circulates or transmits to another, or to others, any statement, rumor or suggestion, whether written, printed, or by word of mouth, which directly or by inference redounds to the discredit of the financial condition of any bank, fo…

9 V.I.C. § 131a Check cashing

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Every financial institution authorized to do business in the Territory shall cash any properly endorsed retirement check issued by the United States Virgin Islands Government Employees Retirement System and any social security check issued by the United States Government without …

9 V.I.C. § 131b Short title

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This subchapter may be cited as “The Virgin Islands Uniform Multiple-Person Accounts Act.”

9 V.I.C. § 131c Definitions

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(1) In this subchapter:(1) “Account” means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, certificate of deposit, and share account.(2) “Agent” means a person authorized to make account transactions for a p…

9 V.I.C. § 131d Limitation on scope of subchapter

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(A) This subchapter does not apply to:(A) an account established for a partnership, joint venture, or other organization for a business purpose.(B) an account controlled by one or more persons as an agent or trustee for a corporation, unincorporated association, or charitable or …

9 V.I.C. § 131e Types of account; existing accounts

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(a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to section 131i(c), either a single-party account or a multiple-party account may have a POD designation, an agency d…

9 V.I.C. § 131f Designation of agent

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(a) By a writing signed by all parties, the parties may designate as agent of all parties on an account a person other than a party. (b) Unless the terms of an agency designation provide that the authority of the agent terminates on disability or incapacity of a party, the agent’…

9 V.I.C. § 131g Applicability of subchapter

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The provisions of this subchapter concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and their creditors and other successors, and do not apply to the right of those persons to payment as de…

9 V.I.C. § 131h Ownership during lifetime

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(a) In this section, “net contribution” of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate share of any…

9 V.I.C. § 131i Rights at death

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(a) Except as otherwise provided in this part, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately b…

9 V.I.C. § 131j Alteration of rights

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(a) Rights at death of a party under section 131i are determined by the terms of the account at the death of the party. A party may alter the terms of the account by a notice signed by the party and given to the financial institution to change the terms of the account or to stop …

9 V.I.C. § 131k Accounts and transfers nontestamentary

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Except as provided in any law of the Virgin Islands governing augmented estates, or as a consequence of, and to the extent directed by, section 131l, a transfer resulting from the application of section 131i is effective by reason of the terms of the account involved and this sub…

9 V.I.C. § 131l Rights of Creditors and Others

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(a) For the purpose of this section, a nonprobate transfer occurs if the last domicile of a depositor whose interest is transferred under section 131i was in the Virgin Islands. (b) A transferee of a nonprobate transfer is subject to liability to any probate estate of the deceden…

9 V.I.C. § 131m Community property and tenancy by the entireties

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(a) A deposit of community property in an account does not alter the community character of the property or community rights in the property, but a right of survivorship between parties married to each other arising from the express terms of the account or section 131i may not be…

9 V.I.C. § 131n Authority of financial institution

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A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a m…

9 V.I.C. § 131o Payment on multiple-party account

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(1) A financial institution, on request, may pay sums on deposit in a multiple-party account to:(1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives …

9 V.I.C. § 131p Payment on POD designation

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(1) A financial institution, on request, may pay sums on deposit in an account with a POD designation to:(1) one or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another …

9 V.I.C. § 131q Payment to designated agent

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A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incapacitated, or deceased when the request is made or received, and whether or not the authority o…

9 V.I.C. § 131r Payment to minor

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If a financial institution is required or permitted to make payment pursuant to this part to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act.

9 V.I.C. § 131s Discharge

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(a) Payment made pursuant to this part in accordance with the terms of the account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or…

9 V.I.C. § 131t Set-off

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Without qualifying any other statutory right to set off or lien and subject to any contractual provision, if a party is indebted to a financial institution, the financial institution has a right to set-off against the account. The amount of the account subject to set-off is the p…

9 V.I.C. § 131u Uniformity of application and construction

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This subchapter must be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among jurisdictions enacting it.

9 V.I.C. § 131v Supplementary general principles of law applicable

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Unless displaced by the particular provisions of this subchapter, the principles of law and equity supplement its provisions.

9 V.I.C. § 131w On the effective date of this subchapter

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(1) An act done before the effective date and any accrued right is not impaired by this subchapter. If a right is acquired, extinguished, or barred on the expiration of a prescribed period of time that has commenced to run by the provisions of any statute before the effective dat…

9 V.I.C. § 131x Severability clause

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If any provision of this subchapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this subchapter which can be given effect without the invalid provision or application, and to this end the pro…