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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

14 sections·Filtered byTitle 9✕Ch 24✕

9 V.I.C. § 701 Short title
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This chapter may be cited as the “Uniform Prudent Investors Act.”
9 V.I.C. § 702 Prudent investor rule
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(a) Except as otherwise provided in subsection (b), a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in this chapter. (b) The prudent investor rule, a default rule, may be expanded, res…
9 V.I.C. § 703 Standard of care; portfolio strategy; risk and return objectives
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(a) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution. (b) A …
9 V.I.C. § 704 Diversification
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A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.

9 V.I.C. § 705 Duties at inception of trusteeship

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Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, …

9 V.I.C. § 706 Loyalty

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A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.

9 V.I.C. § 707 Impartiality

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If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.

9 V.I.C. § 708 Investment costs

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In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.

9 V.I.C. § 709 Reviewing compliance

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Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.

9 V.I.C. § 710 Delegation of investment and management functions

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(a) A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:(1) selecting an agent;(2) establishing the scope and term…

9 V.I.C. § 711 Language invoking standard of chapter

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The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this [Act]: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized invest…

9 V.I.C. § 712 Application to existing trusts

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This chapter applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this chapter governs only decisions or actions occurring after that date.

9 V.I.C. § 713 Uniformity of application and construction

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This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among the States enacting it.

9 V.I.C. § 714 Severability

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