Title 15 — Decedents' Estates and Fiduciary Relations
24 chapters · 422 sections in this title.
15 V.I.C. § 1091 Definitions
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As used in this chapter unless the context or subject matter otherwise requires— “person” means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, an unincorporated organization, or two or more persons having a joint or common in…
15 V.I.C. § 1092 Bank account to pay special debts
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(a) Whenever a bank account shall, by entries made on the books of the depositor and the bank at the time of the deposit, be created exclusively for the purpose of paying dividends, interest or interest coupons, salaries, wages, or pensions or other benefits to employees, and the…
15 V.I.C. § 1093 Loan of trust funds
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Except as provided in section 1094 of this title, no corporate trustee shall lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate; nor shall any non-corporate trustee lend trust funds to himself, or to his relative, emp…
15 V.I.C. § 1094 Corporate trustee depositing trust funds with self
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(a) A corporate trustee which is subject to regulation and supervision by territorial or federal authorities may deposit with itself trust funds which are being held necessarily pending investment, distribution, or the payment of debts, provided it pays into the trust for such de…
15 V.I.C. § 1095 Trustee buying from or selling to self
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No trustee shall directly or indirectly buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to a relative, employer, partner, or other business associate.
15 V.I.C. § 1096 Trustee selling from one trust to another trust
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No trustee shall as trustee of one trust sell property to itself as trustee of another trust.
15 V.I.C. § 1097 Corporate trustee buying its own stock
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No corporate trustee shall purchase for a trust shares of its own stock, or its bonds or other securities, or the stock, bonds or other securities of an affiliate.
15 V.I.C. § 1098 Voting stock
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A trustee owning corporate stock may vote it by proxy, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it.
15 V.I.C. § 1099 Holding stock in name of nominee
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(1) A trustee owning stock may hold it in the name of a nominee, without mention of the trust in the stock certificate or stock registration book; provided that—(1) the trust records and all reports or accounts rendered by the trustee clearly show the ownership of the stock by th…
15 V.I.C. § 1100 Powers attached to office
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Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal.
15 V.I.C. § 1101 Powers exercisable by majority
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(a) Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, any power vested in three or more trustees may be exercised by a majority of such trustees; but no trustee who has not joined in exercising a power shall be liable to the bene…
15 V.I.C. § 1102 Contracts of trustee
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(a) Whenever a trustee shall make a contract which is within his powers as trustee, or a predecessor trustee shall have made such a contract, and a cause of action shall arise thereon, the party in whose favor the cause of action has accrued may sue the trustee in his representat…
15 V.I.C. § 1103 Exoneration or reimbursement for torts
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(a) A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property if he has not discharged the claim, or to be reimbursed therefor out of trust funds if he has paid the claim, if—(…
15 V.I.C. § 1104 Tort liability of trust estate
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(a) Where a trustee or his predecessor has incurred personal liability for a tort committed in the course of his administration, the trustee in his representative capacity may be sued and collection had from the trust property, if the court shall determine in such action that—(1)…
15 V.I.C. § 1105 Withdrawals from mingled trust funds
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Where a person who is a trustee of two or more trusts has mingled the funds of two or more trusts in the same aggregate of cash, or in the same bank or brokerage account or other investment, and a withdrawal is made therefrom by the trustee for his own benefit, or for the benefit…
15 V.I.C. § 1106 Unenforceable oral trust created by deed
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(a) When an interest in real property is conveyed by deed to a person on a trust which is unenforceable on account of the Statute of Frauds and the intended trustee or his successor in interest still holds title but refuses to carry out the trust on account of the Statute of Frau…
15 V.I.C. § 1107 Power of settlor
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The settlor of any trust affected by this chapter may, by provision in the instrument creating the trust if the trust was created by a writing, or by oral statement to the trustee at the time of the creation of the trust if the trust was created orally, or by an amendment of the …
15 V.I.C. § 1108 Power of beneficiary
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Any beneficiary of a trust affected by this chapter may, if of full legal capacity and acting upon full information, by written instrument delivered to the trustee relieve the trustee as to such beneficiary from any or all of the duties, restrictions, and liabilities which would …
15 V.I.C. § 1109 Power of the court
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A court of competent jurisdiction may, for cause shown and upon notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions which would otherwise be placed upon him by this chapter, or wholly or partly excuse a trustee who has acted honestly and …
15 V.I.C. § 1110 Liabilities for violation of chapter
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If a trustee violates any of the provisions of this chapter, he may be removed and denied compensation in whole or in part; and any beneficiary, co-trustee, or successor trustee may treat the violation as a breach of trust.
15 V.I.C. § 1111 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.