Title 15 — Decedents' Estates and Fiduciary Relations
24 chapters · 422 sections in this title.
15 V.I.C. § 1001 Application of chapter
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The provisions of this chapter shall govern trustees, guardians and other fiduciaries, hereafter in this chapter called “fiduciaries”, acting under wills, agreements, court orders and other instruments now existing or hereafter made.
15 V.I.C. § 1002 Investment standards and powers of fiduciaries
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In acquiring, investing, reinvesting, exchanging, retaining, selling and managing property for the benefit of another, fiduciaries shall exercise the judgment and care under the circumstances then prevailing, which men of prudence, discretion and intelligence exercise in the mana…
15 V.I.C. § 1003 Effect of provisions of instrument: definition of “legal investment” and “authorized investment”
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(a) Nothing contained in this chapter shall be construed as authorizing any departure from, or variation of, the express terms or limitations set forth in any will, agreement, court order or other instrument creating or defining the fiduciary's duties and powers. (b) The terms “l…
15 V.I.C. § 1004 Retention by fiduciary of investments
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Unless expressly provided otherwise in any instrument specified in subsection (a) of section 1003 of this title, any provisions in any such instrument prescribing, defining or limiting the kind of property in which the funds of the trust to which such instrument relates shall be …
15 V.I.C. § 1005 Retention by bank or trust company acting as a fiduciary of its own stock
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Unless expressly provided otherwise in any instrument specified in subsection (a) of section 1003 of this title, a bank or trust company acting as a fiduciary and authorized so to act may retain in a trust estate shares of its own capital stock acquired in any manner referred to …
15 V.I.C. § 1006 Deviation from terms of instrument
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Nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit fiduciaries to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, …
15 V.I.C. § 1007 Common fund investments by bank or trust company
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A bank or trust company authorized to act in a fiduciary capacity and acting in such capacity, other than merely as agent, may invest funds held by it for investment as fiduciary in fractional undivided interests in a common fund composed exclusively of property permitted for inv…
15 V.I.C. § 1008 Power of bank or trust company acting as fiduciary to purchase property held by it
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(a) A bank or trust company shall not purchase, with funds held by it as a fiduciary, any property held by its commercial or banking department, but this prohibition shall not apply to mortgages and their accompanying bonds designated by its commercial or banking department for f…