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Virgin Islands Statutes, Title 15

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Virgin Islands/Statutes

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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

24 sections·Filtered byTitle 15✕Ch 62✕

15 V.I.C. § 1251a Short title
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This chapter may be cited as the “Virgin Islands Uniform Transfer to Minors Act.”
15 V.I.C. § 1251b Definitions
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(a) In this chapter:(a) “Adult” means an individual who has attained the age of 18 years.(b) “Benefit plan” means an employer's plan for the benefit of an employee or partner.(c) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or c…
15 V.I.C. § 1251c Scope
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(a) This chapter applies to a transfer that refers to this chapter in the designation under section 1251p, subsection (a), of this chapter by which the transfer is made if at the time to the transfer, the transferor, the minor, or the custodian is a resident of this Territory or …
15 V.I.C. § 1251d Nomination of custodian
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(a) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substanc…

15 V.I.C. § 1251e Transfer by gift or exercise of power of appointment

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A person may make a transfer by irrevocable gift, tangible or intangible to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 1251j of this chapter.

15 V.I.C. § 1251f Transfer authorized by will or trust

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(a) A personal representative or trustee may make an irrevocable transfer pursuant to section 1251j of this chapter to a custodian for the benefit of a minor as authorized in the governing will or trust. (b) If the testator or settlor has nominated a custodian under section 1251d…

15 V.I.C. § 1251g Other transfer by fiduciary

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(a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 1251j of this chapter, in the absence of a will or under a will or trust that does no…

15 V.I.C. § 1251h Transfer by obligor

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(1) Subject to subsections (b) and (c) of this section, a person not subject to section 1251f or 1251g of this chapter who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pur…

15 V.I.C. § 1251i Receipt for custodial property

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A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.

15 V.I.C. § 1251j Manner of creating custodial property and effecting transfer; designation of initial custodian; control

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(a) Custodial property is created and a transfer is made whenever:(1) an uncertificated security or a certificated security in registered form is either:(A) registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by …

15 V.I.C. § 1251k Single custodianship

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A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.

15 V.I.C. § 1251l Validity and effect of transfer

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(a) The validity of a transfer made in a manner prescribed in this chapter is not affected by:(1) failure of the transferor to comply with section 1251j, subsection (c) of this chapter concerning possession and control;(2) designation of an ineligible custodian, except designatio…

15 V.I.C. § 1251m Care of custodial property

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(a) A custodian shall:(1) take control of custodial property;(2) register or record title to custodial property if appropriate; and(3) collect, hold, manage, invest, and reinvest custodial property. (1) take control of custodial property; (2) register or record title to custodial…

15 V.I.C. § 1251n Powers of custodian

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(a) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (b) This section do…

15 V.I.C. § 1251o Use of custodial property

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(a) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (1) the duty or ability of the custodian person…

15 V.I.C. § 1251p Custodian's expenses, compensation, and bond

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(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (b) Except for one who is a transferor under section 1251e of this chapter, a custodian has a non-cumulative election during each ca…

15 V.I.C. § 1251q Exemption of third person from liability

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(1) A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:(1) the…

15 V.I.C. § 1251r Liability to third persons

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(a) A claim based on (1) a contract entered into by a custodian acting in a custodial capacity, (2) an obligation arising from the ownership or control of custodial property, or (3) a tort committed during the custodianship, may be asserted against the custodial property by proce…

15 V.I.C. § 1251s Renunciation, resignation, death, or removal of custodian; designation of successor custodian

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(a) A person nominated under section 1251d of this chapter or designated under section 1251j of this chapter as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination may nominate a substitute custodian under section 1251d of this ch…

15 V.I.C. § 1251t Accounting by and determination of liability of custodian

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(a) A minor who has attained the age of 14 years, the minor's guardian of the person or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court (1) for an accounting by the custodian or the custodian…

15 V.I.C. § 1251u Termination of custodianship

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(1) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:(1) the minor's attainment of 18 years of age with respect to custodial property transferred under section 1251d, 1251e, 1251f or 1251g; or(2…

15 V.I.C. § 1251v Applicability

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(1) This chapter applies to a transfer within the scope of section 1251c made after its effective date if:(1) the transfer purports to have been made under title 15, chapter 61, Virgin Islands Code (the Virgin Islands Uniform Gifts to Minors Act); or(2) the instrument by which th…

15 V.I.C. § 1251w Effect on existing custodianship

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(a) Any transfer of custodial property as now defined in this chapter made before the effective date of this chapter is validated notwithstanding that there was no specific authority in the Virgin Islands Uniform Gifts to Minors Act for the coverage of custodial property of that …

15 V.I.C. § 1251x 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 jurisdictions enacting it.