Title 15 — Decedents' Estates and Fiduciary Relations
24 chapters · 422 sections in this title.
15 V.I.C. § 1047 Deposit in name of fiduciary as such
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If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless t…
15 V.I.C. § 1048 Deposit in name of principal
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If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that t…
15 V.I.C. § 1049 Deposit in fiduciary's personal account
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If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks …
15 V.I.C. § 1050 Deposit in names of two or more trustees
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When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee or trustees authorized by the other trustee or trustees to draw checks upon the trust account, neither the payee nor other holder nor the ban…
15 V.I.C. § 1051 Chapter not retroactive
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The provisions of this chapter shall not apply to transactions taking place prior to the time when it takes effect.
15 V.I.C. § 1052 Cases not provided for in this chapter
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In any case not provided for in this chapter the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments and banking, shall continue to apply.
15 V.I.C. § 1053 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. § 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.
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.