Title 15 — Decedents' Estates and Fiduciary Relations
24 chapters · 422 sections in this title.
15 V.I.C. § 1231 Short title
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This chapter may be cited as The Virgin Islands Uniform Custodial Trust Act.
15 V.I.C. § 1232 Definitions
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(1) As used in this chapter:(1) “Adult” means an individual who is at least 18 years of age.(2) “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this …
15 V.I.C. § 1233 Custodial trust; general
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(a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the…
15 V.I.C. § 1234 Custodial trustee for future payment or transfer
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(a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for (name…
15 V.I.C. § 1235 Form and effect of receipt and acceptance by custodial trustee; jurisdiction
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(a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (b) The custodial trustee’s acceptance may be evidenced…
15 V.I.C. § 1236 Transfer to custodial trustee by fiduciary or obligor; facility of payment
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(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 1234, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfe…
15 V.I.C. § 1237 Multiple beneficiaries, separate custodial trusts, survivorship
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(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is pre…
15 V.I.C. § 1238 General duties of custodial trustee
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(a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or re…
15 V.I.C. § 1239 General powers of custodial trustee
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(a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. (b)…
15 V.I.C. § 1240 Use of custodial trust property
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(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary is incapacitated, the custodial trus…
15 V.I.C. § 1241 Determination of incapacity; effect
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(a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if:(1) the custodial trust was created under section 1236,(2) the transferor has so directed in the instrument creating the custodial trust, or(3) the custodial trustee has determin…
15 V.I.C. § 1242 Exemption of third person from liability
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(1) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is…
15 V.I.C. § 1243 Liability to third person
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(a) A claim based on a contract entered into by a custodial trustee acting in a Fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third …
15 V.I.C. § 1244 Declination; resignation; incapacity; death, or removal of custodial trustee, designation of successor custodial trustee
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(a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor’s legal representative. If an event giving rise to a transfer has not occurred, the…
15 V.I.C. § 1245 Expenses, compensation, and bond of custodial trustee
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(1) Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:(1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fidu…
15 V.I.C. § 1246 Reporting and accounting by custodial trustee; determination of liability of custodial trustee
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(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upo…
15 V.I.C. § 1247 Limitations of actions against custodial trustee
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(a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or de…
15 V.I.C. § 1248 Distribution on termination
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(a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:(1) to the beneficiary, if not incapacitated or deceased;(2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or(…
15 V.I.C. § 1249 Methods and forms for creating custodial trusts
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(a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 1233 are satisfied by:(1) the execution and either delivery to the custodial trustee or recording of an instrument in subs…
15 V.I.C. § 1250 Applicable law
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(a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in the Virgin …
15 V.I.C. § 1251 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 chapter among states enacting it.
15 V.I.C. § 1252 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…
15 V.I.C. § 1253 Applicability
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(a) Except as provided elsewhere in this Act, on the effective date of this chapter:(1) This chapter applies to governing instruments executed by decedents dying thereafter;(2) This chapter applies to any proceedings in court then pending or thereafter commenced regardless of the…