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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

354 sections·Filtered byTitle 15✕

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…

Showing 251–300 of 354

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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.

15 V.I.C. § 1141 Definitions

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(a) As used in this chapter—“testamentary trustee” means a trustee serving under a trust created by a will of a testator domiciled in this jurisdiction at the time of his death whose will has been admitted to probate in this jurisdiction, whether the trustee was appointed by the …

15 V.I.C. § 1161 Testamentary trust inventory

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Within thirty days after it is the duty of the first qualifying testamentary trustee to take possession of the trust property he shall file with the court where the will was admitted to probate, an inventory under oath, showing by items all the trust property which shall have com…

15 V.I.C. § 1162 Intermediate accountings

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(1) Within thirty days after the expiration of the first year after the first qualifying testamentary trustee was under a duty to file his inventory as prescribed in section 1161 of this title the testamentary trustee then in office shall file with the court where the will was ad…

15 V.I.C. § 1163 Final accounting

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Within 30 days after the termination of every testamentary trust the trustee, and in the case of the transfer of the trusteeship due to the death, resignation, removal, dissolution, merger or consolidation of a sole trustee the successor in interest of the old trustee, shall file…

15 V.I.C. § 1164 Distribution accounting

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Within 30 days after the distribution of the trust property by the testamentary trustee he shall file in the court where the final account was filed a distribution account of the trust property which he has distributed and the receipts of the distributees.

15 V.I.C. § 1165 Procedure on intermediate accountings

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(1) Every testamentary trustee who files an intermediate account in court shall within ten days after such filing deliver to each known beneficiary a notice of such filing, and if there is to be no court hearing on the account a summary of the account with an offer to deliver the…

15 V.I.C. § 1166 Service of papers in final accounting

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At least 20 days before the return day of a final accounting the testamentary trustee shall deliver to each beneficiary a copy of the account and a notice of the time and place at which the account will be presented for approval, which date shall not be earlier than 30 days after…

15 V.I.C. § 1167 Vouchers

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When an intermediate or final account is presented for consideration in court the testamentary trustee shall produce in court vouchers for all expenditures of $20 or more, made by the trustee during the accounting period. The vouchers shall be returned to the trustee after the ac…

15 V.I.C. § 1168 Representation

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Any beneficiary who is an infant, of unsound mind or otherwise legally incompetent, and also possible unborn or unascertained beneficiaries may be represented in a testamentary trust accounting by the court, or by competent living members of the class to which they do or would be…

15 V.I.C. § 1169 Court action

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On the return day of an application for a hearing on and approval of an intermediate or final account the testamentary trustee shall file an affidavit proving the timely delivery to the known beneficiaries of the documents required by this chapter or by court order. The procedure…

15 V.I.C. § 1170 Effect of court approval

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The approval by the court of a testamentary trustee's account after due notice and service of papers or representation as provided in this chapter, shall, subject to the right of appeal, relieve the trustee and his sureties from liability to all beneficiaries then known or in bei…

15 V.I.C. § 1191 Inventory by non-testamentary trustee

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Within 30 days after it is the duty of the first qualifying trustee of a non-testamentary trust to take possession of the trust property he shall file in the office of the clerk of the district court in the judicial division where the trust was created a notice of his appointment…

15 V.I.C. § 1192 Accounting by non-testamentary trustee

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Every non-testamentary trustee shall file intermediate, final and distribution accounts with the clerk of the district court in the judicial division where the trust was created, at the same intervals, under the same conditions, and with the same effect as provided in this chapte…

15 V.I.C. § 1211 Duties of court and clerks

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The clerk of the district court shall keep records of all trust inventories and accounts filed with the court and shall, within 30 days after the filing should have occurred, notify the judge of the court of all failures by trustees to file accounts in accordance with this chapte…

15 V.I.C. § 1212 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. § 1213 Power of beneficiary

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Any beneficiary, if of full age and sound mind, may, if acting upon full information, by written instrument delivered to the trustee, excuse the trustee as to such beneficiary from performing any of the duties imposed on him by this chapter or exempt the trustee from liability to…

15 V.I.C. § 1214 Accountability at other times

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(1) Nothing contained in this chapter—(1) shall be construed to abridge the power of any court of competent jurisdiction to require testamentary or nontestamentary trustees to file an inventory, to account, to exhibit the trust property, or to give beneficiaries information or th…

15 V.I.C. § 1215 Enforcement

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Any beneficiary may apply to the court of competent jurisdiction for an order requiring the trustee to perform the duties imposed upon him by this chapter.

15 V.I.C. § 1216 Penalties for violation of chapter

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When a trustee fails to perform any of the duties imposed upon him by this chapter he may be removed, his compensation may be reduced or forfeited, or other civil penalty inflicted, in the discretion of the court.

15 V.I.C. § 1217 Forms of inventories and accounts

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The district court may prescribe forms in which inventories and accounts shall be presented.

15 V.I.C. § 1218 Oaths

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Whenever an oath or affirmation is required of a trustee under this chapter it may be made in the case of a corporate trustee by an officer of such corporate trustee, and in the case of co-trustees acting jointly by any one of the co-trustees.

15 V.I.C. § 1219 Charitable trusts

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This chapter shall apply to charitable trusts. Documents required to be delivered to beneficiaries of such trusts shall be delivered to the United States attorney.

15 V.I.C. § 1220 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.

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…