Title 28 — Property
25 chapters · 384 sections in this title.
28 V.I.C. § 171 Definitions
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(1) As used in this chapter:(1) “Affiliate” means a person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities;(i) as a fiduciary or agent witho…
28 V.I.C. § 172 Insolvency
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(a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets, at a fair valuation. (b) A debtor who is generally not paying debts as they become due is presumed to be insolvent. (c) A partnership is insolvent under subsection (a) if the su…
28 V.I.C. § 173 Value
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(a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's…
28 V.I.C. § 174 Transfers fraudulent as to present and future creditors
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(a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:(1) with actual intent to hin…
28 V.I.C. § 175 Transfers fraudulent as to present creditors
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(a) A transfer made or obligation incurred by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchan…
28 V.I.C. § 176 When transfer is made or obligation is incurred
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(1) For the purposes of this chapter:(1) a transfer is made:(A) with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-f…
28 V.I.C. § 177 Remedies of creditors
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(a) In an action for relief against a transfer or obligation under this chapter a creditor, subject to the limitations in section 178, may obtain:(1) avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim;(2) an attachment or other provisi…
28 V.I.C. § 178 Defenses, liability, and protection of transferee
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(a) A transfer or obligation is not voidable under section 174(a)(1) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee. (b) Except as otherwise provided in this section, to the extent a transfer is voidab…
28 V.I.C. § 179 Extinguishment cause of action
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(a) A cause of action with respect to a fraudulent transfer or obligation under this chapter is extinguished unless action is brought:(a) under section 174(a)(1), within four years after the transfer was made or the obligation was incurred or, if later, within one year after the …
28 V.I.C. § 180 Supplementary provisions
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Unless displaced by this chapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppels, laces, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its…
28 V.I.C. § 181 Uniformity of application and construction
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This chapter 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.
28 V.I.C. § 182 Short title
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This chapter may be cited as “The Virgin Islands Uniform Fraudulent Conveyances Act”.