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Virgin Islands Statutes, Title 15

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Title 15, Decedents' Estates and Fiduciary Relations

24 chapters · 354 sections in this title.

All chapters in Title 15354 Ch 13, Disposition of Estates Without Admin…45 Ch 1, Wills41 Ch 62, Virgin Islands Uniform Transfers to …24 Ch 59, Accounting by Trustees23 Ch 60, Uniform Custodial Trust23 Ch 23, Claims and Charges Against the Estate22 Ch 57, Trusts and Trustees21 Ch 29, Actions by or Against Executors, Adm…18 Ch 65, Fiduciary Access to Digital Assets17 Ch 25, Sale of Property by Executors or Adm…16 Ch 1A, Virgin Islands Uniform Electronic Wi…12 Ch 55, Liability for Breach of Fiduciary Duty12 Ch 19, Inventory and Appraisal10 Ch 27, Accounts of Executors and Administrators10

12 sections·Filtered byTitle 15✕Ch 55✕

15 V.I.C. § 1041 Definitions
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(a) In this chapter, unless the context or subject matter requires otherwise—“bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking;“fiduciary” includes a trustee under any trust, expressed, implied, resulting or con…
15 V.I.C. § 1042 Application of payments made to fiduciaries
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A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration…
15 V.I.C. § 1044 Transfer of negotiable instrument by fiduciary
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If any negotiable instrument payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse such instrument on behalf of his principal, the indorsee is n…
15 V.I.C. § 1045 Check drawn by fiduciary payable to third person
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If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as…

15 V.I.C. § 1046 Check drawn by and payable to fiduciary

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If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fidu…

15 V.I.C. § 1047 Deposit in name of fiduciary as such

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If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless t…

15 V.I.C. § 1048 Deposit in name of principal

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If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that t…

15 V.I.C. § 1049 Deposit in fiduciary's personal account

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If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks …

15 V.I.C. § 1050 Deposit in names of two or more trustees

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When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the ban…

15 V.I.C. § 1051 Chapter not retroactive

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The provisions of this chapter shall not apply to transactions taking place prior to the time when it takes effect.

15 V.I.C. § 1052 Cases not provided for in this chapter

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In any case not provided for in this chapter the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.

15 V.I.C. § 1053 Uniformity of interpretation

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This chapter shall be so interpreted and construed as to effectuate its general purpose to make uniform the law of those jurisdictions which enact it.