Title 15 — Decedents' Estates and Fiduciary Relations
24 chapters · 422 sections in this title.
15 V.I.C. § 1220 Uniformity of interpretation
0.1K chars
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
0.1K chars
This chapter may be cited as The Virgin Islands Uniform Custodial Trust Act.
15 V.I.C. § 1232 Definitions
4.9K chars
(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
1.9K chars
(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
1.0K chars
(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
1.9K chars
(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
0.7K chars
(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
0.8K chars
(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
2.3K chars
(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
0.4K chars
(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
1.2K chars
(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
2.6K chars
(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
1.3K chars
(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
1.9K chars
(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
3.6K chars
(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
1.0K chars
(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
2.2K chars
(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
2.4K chars
(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
2.2K chars
(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
12.2K chars
(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
0.8K chars
(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
0.2K chars
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
0.3K chars
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
1.9K chars
(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…
15 V.I.C. § 1251a Short title
0.1K chars
This chapter may be cited as the “Virgin Islands Uniform Transfer to Minors Act.”
15 V.I.C. § 1251b Definitions
4.5K chars
(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
1.2K chars
(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
1.5K chars
(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
0.2K chars
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
0.8K chars
(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
1.3K chars
(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
0.9K chars
(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
0.2K chars
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
8.6K chars
(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
0.2K chars
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
1.9K chars
(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
2.7K chars
(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
0.4K chars
(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
0.9K chars
(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
0.5K chars
(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
1.2K chars
(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
1.3K chars
(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
3.1K chars
(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
1.2K chars
(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
0.5K chars
(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
1.0K chars
(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
0.7K chars
(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
0.2K chars
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.
15 V.I.C. § 1261 Short title
0.1K chars
This chapter may be cited as the “Uniform Durable Power of Attorney Act”.
15 V.I.C. § 1262 Definition
0.7K chars
A durable power of attorney is a power of attorney by which a principal designates another his attorney in fact in writing and the writing contains the words “This power of attorney shall not be affected by subsequent disability or incapacity of the principal, or lapse of time” o…