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_______________ J O R D A N , C i r cui tJudge . A ppel l antB anco Popul arD e Puer t o R i co ( “B anco Popul ar ”) appea l s fr om an or der o f th e D istri ct C o u rto f th e V ir g in Island s o f th e U n it ed S tat es g ran ti n g su m m ary j u d g me n ti n f

a v o ro f Ro n a l d M a r t i n a n d o r d e r i n g Ba n c o P o p u l a rt o s p e c i f i c a l l yp e r f

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re a l p ro p e rt y . F o r t h e re a s o n s s ta te d b e lo w , w e w ill a f f ir m .D ur i ng t he pende ncyof thi s cas e, the Ter r i t or i al C our tbeca m e know n as the Super i or 1 C o u rt . 2 I . Backg r ound T he pr opert yatt he ce nt erof thi s di s put e i s a condomi ni um l ocat ed on the i s l and of St . T hom as . A tal l t i m es pert i nentt o t hi s cas e, B anco Popul arhel d a mort gage on the condomi ni um , w hi ch w as ow ned byJ ames L. R eed unt i l J ul y13, 1995, w hen R eed di ed i nt es t at e. H i s es t at e cons i s t ed of the condomi ni um and l es s than $1, 000 i n cas h. R eed l eftonl yone hei r , hi s daught er , A nngi a R eed. O n M ar ch 1, 1996, the Pr obat e D i vi s i on of the Ter r i t or i al C our tof the V i r gi n I s l ands appoi nt ed R eed’ s ex- w i fe, H el en M . R eed, as 1 th e a d m in is tr a tr ix o f

th e e s ta te . O n M a rc h 2 6 , 2 0 0 3 , A n n g ia a n d H e len e x e c u ted a d e e d in lieu o f f o re c lo su re to B anco Popul arbeca us e the es t at e l acke d s uffi ci entfunds t o coverthe mort gage on the con do m i nium . Iti s und i sputed that A nn gia and H el en ex ecuted this deed for the p urpose of tr ans ferr i ng t i t l e i n t he condomi ni um t o B anco Popul ari n ful l s at i s fac t i on of the m o rt g a g e . O n S e p tem b e r 1 2 , 2 0 0 3 , B a n c o P o p u larc o n tra c ted to se ll th e c o n d o m in iu m to M ar t i n for$38, 000. A s par tof the contr act , B anco Popul aragr eed t o del i ver“good, m arket abl e and i ns ur abl e fe e s i m pl e t i t l e t o t he [c ondom i ni um ] . . . byW arr antyD eed. ” (A p p . at 12 6 . ) T h e sa le w a s n e v e r c o n su m m a ted , h o w e v e r, b e c a u se B a n c o P o p u lar a ss e rte d th a t it w as uncert ai n of i t s abi l i t yt o compl yw i t h i t s contr actual obl i gat i on t o pr ovi de def ect - fr eeB anco Popul arcl ai m s , w i t houtci t i ng anyevi dence , thatM art i n r et ai ned a t i t l e i ns ur er 2 butthatthe i ns ur err efus ed t o i s s ue a t i t l e i ns ur ance pol i cydue t o H el en’ s purpor t ed r es i gnat i on pr i ort o exec ut i on of the dee d i n l i eu of f or ecl os ur e. M art i n di s put es thathe w as unabl e t o obt ai n t i t l e i ns ur ance , and cl ai m s that“nothi ng on t he r ecor d befor e ei t her th e D istric t C o u rt o r th is C o u rt in d ica t[ e s] th a t a title c o m p a n y‘d e c lin e d to in su re tit le to th e .. . [C o n d o m in iu m ].’” (A p p e llee ’s A n s. B r. at 1 6 -1 7 .) W e a re n o t in c lin e d to c re d it B anco Popul ar ’ s uns uppor t ed as s er t i ons aboutt i t l e i ns ur ance . 3 t i t l e. O n A ugus t21, 2002, m or e than s i x m ont hs pr i ort o s i gni ng the dee d i n l i eu of f o re c lo su re , H e len R e e d h a d su b m itt e d a lette r to th e P ro b a te D iv isio n a ttem p tin g to r es i gn fr om herpos i t i on as admi ni s t r atr i x of the es t at e. T her e i s no i ndi cat i on i n t he re c o rd th a t th e P ro b a te D iv is io n e v e r g ra n te d H e le n ’s re q u e s t. B anco Popul arcont ends t hatH el en’ s l ett ert erm i nat ed herr es pons i bi l i t i es as admi ni s tr atr i x. T hus , no r epr es ent at i ve of the es t at e ac tual l yj oi ned i n t he tr ans ferof the con do m i nium t o B anco P op ular , and the b ank beli eved that the est at e ret ai ned an int eres t i n the condomi ni um , w hi ch i m peded i tfr om convey i ng fee s i m pl e t i t l e t o M art i n. B anco Popul aradvanc es t hi s as t he r eas on w hyi thas r efus ed t o per form i t s contr actual ob l i gati on s. 2 O n J a n u a r y 2 4 , 2 0 0 4 , i n a n a t t e m p tt o r e s o l v e th e e s t a t e ’ s c l a i m t o th e p r o p e r t y, H el en r eques t ed thatt he Pr obat e D i vi s i on r eappoi ntheras the admi ni s t r atr i x of the es t at e. S h e a lso f

il ed tw o m o ti o n s see k ing ap p rov al of the d ee d in li eu o f f

o rec losu re. H o w ev er, th e P ro b a te D iv is io n n e v e r a c te d o n e ith e r h e r r e a p p o in tm e n t r e q u e s t o r t h e m o tio n s . I n J anuary2006, B anco Popul arnot i fi ed M art i n t hati tw as t erm i nat i ng the contr act beca us e the bank be l i eved thati tdi d notow n cl eart i t l e t o t he condomi ni um , and that , due4

t o the Pr obat e D i vi s i on’ s l engthydel ayi n rul i ng on H el en’ s r eques t s , i tw oul d nothave cl eart i t l e fort he for es eea bl e futur e. M art i n obj ect ed t o t he t erm i nat i on. O n O ct ober4, 2006, the Pr obat e D i vi s i on ent er ed an or dercl os i ng admi ni s t r at i on of the es t at e and f in d in g th a t A n n g ia R e e d w a s th e so le o w n e r o f th e c o n d o m in iu m . M a rtin th e n f iled su it in S u p e ri o r C o u rt s e e k in g s p e c if ic p e rf o rm a n c e o f

th e s a le s c o n tr a c t. B anco Popul arr emoved t he ca s e t o t he D i s t r i ctC our tof the V i r gi n I s l ands , and thatC our tul t i m at el ygr ant ed s um m aryj udgm enti n favorof M art i n. T he C our tr eas oned that , undert he l aw of the V i r gi n I s l ands , t i t l e t o t he condomi ni um had ves t ed i n A nngi a, as R eed’ s s ol e hei r , att he mom entof R eed’ s death. T he C our tthus det erm i ned that A n n g ia, in e x e c u tin g th e d e e d in lieu o f f o re c lo su re , h a d tra n sf

e rre d f e e sim p le title to B a n c o P o p u lar . F u rth e r, th e C o u rt f o u n d th a t in so f

a r a s th e e sta te r e tain e d a n yin ter e st in the condomi ni um , t hati nt er es thad bee n ext i ngui s hed bythe O ct ober4, 2006 or derof the Pr obat e D i vi s i on. T her efor e, beca us e B anco Popul arr ece i ved fe e s i m pl e t i t l e t o t he condomi ni um vi a the dee d i n l i eu of f or ecl os ur e, and nothi ng pr event ed i tfr om pas s i ng m arket abl e t i t l e t o M ar t i n, t he D i s t r i ctC our tor der ed s peci fi c per form ance of the s al es c o n tr a c t. B a n c o P o p u la r t h e n f ile d a tim e ly n o tic e o f

a p p e a l.Th e Di s t r i c tCo u r th a d j u r i s d i c t i o n p u r s u a n tt o 2 8 U. S . C. § 1 3 3 2 a n d 4 8 U. S . C. 3 § 1612( a) . W hi l e B anco Popul aragr eed t o s el l the condomi num t o M art i n for$38, 000, the amount - i n- contr over s yr equi r ementof § 1332 i s s at i s fi ed bec aus e i ti s undi s put ed that th e p ro p e rt yis w o rt h in e x c e s s o f $ 7 5 ,0 0 0 . See Col um bi a G as Trans m is s i on C or p. v. Tarbuc k , 62 F. 3d 538, 541 ( 3d C i r . 1995) ( “W her e the pl ai nt i ff i n a di ver s i t yact i on s eeks i nj unct i ve ordecl ar at or yr el i ef, t he amounti n contr over s y. . . i s det erm i ned bythe val ue of th e o b jec t o f th e lit ig a tio n . (in ter n a l q u o tatio n o m itt e d )). Ju risd ictio n in th is C o u rt is pr operunder28 U . S. C . §§ 1291 and 1294. 5 I I . D i s cus s i on 3 O u r r e v ie w o f

a D is tr ic t C o u rt ’s o rd e r g ra n tin g s u m m a ry ju d g m e n t is p le n a ry. Kaut zv. Met- P r o C or

p. , 4 1 2 F . 3 d 4 6 3 , 4 6 6 ( 3 r d Ci r . 2 0 0 5 ) . Be c a u s e we a p p l yth e s a me s ta n d a rd u s e d b yth e D is tr ic t C o u rt , id . , w e w i l l aff i r m thatC our t ’ s or deri f i tappea r s t hat there i s no g enu i ne is sue of m at eri al factand that M art i n is enti t l ed to j ud gm ent as a m a tte r o f la w . F ED . R. C IV . P RO . 56( c) . W e mustgi ve B anco Popul ar , the non- m ovi ng party , “eve r yfavor abl e i nfer ence t hatcan be dr aw n fr om the r ecor d. ” Ka u tz , 412 F. 3d at 4 6 6 . B anco Popul arar gues t hatt he D i s t r i ctC our terr ed i n gr ant i ng s um m aryj udgm ent to M a rtin f

o r tw o re a so n s. F irst, th e b a n k c o n ten d s th a t itn e v e r a c q u ire d f e e sim p le title t o the condomi ni um and ther efor e w as excus ed fr om per form i ng i t s obl i gat i ons undert he contr act . Second, i tas s ert s t hat , even i f i thad t i t l e t o t he pr oper t y , thatt i t l e w as , and c o n tin u e s to b e , u n m a rk e ta b le .B anco Popul arbui l ds upon i t s ar gum entthatA nngi a di d notacqui r e t i t l e t o t he 4 pr oper tyunt i l O ct ober4, 2006 byi nvoki ng the ful l fai t h and cr edi tcl aus e of the C o n sti tuti o n . Itarg u es th at, if w e a d o p t i ts co n stru cti o n o f th e P rob ate D ivisi o n ’s ord er, w e ar e pr ohi bi t ed byt hatcl aus e fr om fi ndi ng thatA nngi a r ece i ved t i t l e t o t he pr oper tyat an ea r l i erdat e. H ow ever , as t he Pr obat e D i vi s i on’ s or deradj udi cat ed A nngi a’ s r i ght s at the mom entt hatR eed di ed, t he ful l fai t h and cr edi tcl aus e pos es no obs t acl e t o our hol di ng t hatA nngi a had t i t l e t o t he pr oper t yatthe t i m e s he exe cut ed the dee d i n l i eu of f o re c lo s u re . 6 A . Ti t l e To The C ondom i ni um T he bank i dent i fi es t w o bas es fori t s ar gum entthati tl acks fee s i m pl e t i t l e t o t he c o n d o m in iu m . F irst, ita ss e rts th a t A n n g ia d id n o t o b tain tit le to th e c o n d o m in iu m u n til th e P ro b a te D iv isio n e n ter e d its o rd e r o n O c to b e r 4 , 2 0 0 6 d e c lar in g h e r to b e th e so le ow nerof the pr oper t y . T hus , s ay s B anco Popul ar , the dee d i n l i eu of f or ecl os ur e exe cut ed i n M ar ch 2003 w as i ns uffi ci entt o conveyt i t l e bec aus e A nngi a had noty etacqui r ed the pr oper ty . T hatar gum entfai l s t o appr ehend the s i gni fi canc e of the O ct ober4 or der . T he t ask of a proba t e cou rti s t o ad j ud i cat e t he int eres t s i n a d ecede nt’ s propertyas theyexis t a t th e m o m e n t o f

d e a th . C f. R ES TAT EMEN T (T HI RD ) OF P R OP .: W I L L S AN D D ON ATI VE T RANSF ERS § 2 . 1 (b) (1 9 9 9 ) (“T h e d ec ed en t’ s intestate estate . . . p asse s at th e d ec ed en t’ s death t o the dec edent ’ s hei r s . . . . ”) . H ence , w hen the Pr obat e D i vi s i on adj udi cat es an interest i n estate p rop erty , that o rde r i s retroa cti v e to th e m o m en t of the d ec ed en t’ s pas s i ng. W hen the Pr obat e D i vi s i on ent er ed the O ct ober4, 2006 or der , i tw as det erm i ni ng w ho ow ned the pr oper t yatthe t i m e R eed di ed on J ul y13, 1995. I t s or der 4 had no ef

fec ton A nngi a’ s deed t o t he bank be caus e the C our t ’ s or ders i m pl ym ade c l ear thatA nngi a t ook ow ner s hi p of the condomi ni um i n J ul y1995.7

S e c o n d , the b a n k c o n ten d s th a t, be c a u se H e len su b m itt e d a lette r o f re sig n a tio n in A u g u s t 2 0 0 2 , th e e s ta te is n o t b o u n d b yth e d e e d a n d re ta in s a n in te re s t in th e p ro p e rt y . U nderV i r gi n I s l ands l aw , t i t l e t o a dec edent ’ s pr oper t yves t s i n t he dec edent ’ s hei r s att he m om entof dea t h, butt he admi ni s t r at orr et ai ns the r i ghtt o us e the pr oper t yt o s at i s fyt he d e b ts a n d a d m in is tr a tiv e c o s ts o f th e e s ta te . 

### See V.I. C OD E 

### ANN 

### . tit. 1 5 , § § 3 1 1 , 4 2 8 ; s ee als o G ov’ tof

the V. I . v. C er tai n P ar cel

s of Land i n Es tat e N

is ky , 713 F. 2d 53, 57 n. 10 ( 3d C i r . 1983) ( acknow l edgi ng t hat“V i r gi n I s l ands l aw r ecogni zes the w i del yacc ept ed pr i nci pl e of de s centpr ovi di ng t hatal l r eal - pr oper t yi nt er es t s pas s t o t he hei r s upon t he death of the i nt es t at e anc es t orand ca n be as s ert ed bythos e hei r s i m m edi at el y ”) . T he r i ght o f th e a d m in is tr a to r i s e x tin g u is h e d w h e n th e e s ta te is c lo s e d b yth e P ro b a te D iv is io n . 

### V.I. C OD E 

### ANN 

### . tit. 1 5 , § § 3 1 1 , 4 2 8 . T hus , fr om the mom entof dea t h unt i l the s ett l ement of the es t at e, t he onl yi ndi vi dual s w i t h anyow ner s hi p i nt er es ti n es t at e pr oper t yar e the d e c e d e n t’ s h e ir s a n d th e a d m in is tr a to r. T hatm eans t hat , aft erR eed’ s death, the onl yi ndi vi dual s w ho coul d have ha d any i nt er es tw hat s oeveri n t he condomi ni um w er e A nngi a R eed— R eed’ s onl yhei r— and H el en R eed, t he admi ns t r atr i x of R eed’ s es t at e. B oth A nngi a and H el en exe cut ed the deed i n l i eu of f

or ecl os ur e. B eca us e R eed’ s s ol e hei rand hi s admi ni s t r atr i x j oi ned the convey ance t o B anco Popul ar , w e conc l ude thatthe dee d i n l i eu of f or ecl os ur e w as s u f f ic ie n t to v e s t f

e e s im p le title in th e b a n k .8

B a n c o P o p u lar c o n ten d s th a t H e len ’s s ig n a tu re o n th e d e e d w a s in su f f icie n t to c o n v e yth e e sta te’ s in ter e st b e c a u se sh e su b m itt e d a lette r o f re sig n a tio n to th e P ro b a te D i vi s i on befor e exe cut i ng the dee d. T hatar gum entfai l s , how ever , beca us e an a d m in is tr a to r c a n n o t r e s ig n w ith o u t c o u rt a p p ro v a l. See 

### V.I. C OD E 

### ANN 

### . tit . 15, § 2 41 (a) (p ro v id in g th a t a d m in is tr a to r r e s ig n a tio n s d o n o t ta k e e f f e c t w ith o u t c o u rt a p p ro v a l) . B e c a u se n o th in g in th e re c o rd in d ica tes th a t th e P ro b a te D iv isio n e v e r re sp o n d e d to H el en’ s l ett erof r es i gnat i on, s he r emai ned ca pabl e of a ct i ng on behal f of the es t at e att he tim e sh e e x e c u ted th e d e e d to B a n c o P o p u lar . A c c o rd in g ly , B a n c o P o p u lar a c q u ire d tit le i n fee s i m pl e abs ol ut e w hen A nngi a and H el en exe cut ed the dee d on M ar ch 26, 2003. B . Ma rk e ta b ili ty O

f T itl e E v e n th o u g h th e d e e d c o n v e y e d tit le, B a n c o P o p u lar n e v e rth e les s a rg u e s th a t it w as notr equi r ed t o t r ans fert he condomi ni um t o M art i n beca us e thatt i t l e w as not m a rk e ta b le . M a rk e ta b le title is title th a t c a n b e “ h e ld o r p o s s e s s e d in p e a c e a n d q u ie t,” and thati s r eas onabl yfr ee f r om t he thr eatof futur e l i t i gat i on. 77 A M . J UR . 2 D V end or & P ur chas er§ 1 0 3 . T h ere m u st be n o o u tst an d ing interest th at m igh t end an g er the h o lder’s ri g h t to c o n tin u e d p o s s e s s io n o f th e p ro p e rt y . I

d. § 1 0 5 . T itl e is n o t m a rk e tab le if th e re is a r eas onabl e fe art hatanotherent i t y , s uch as an es t at e, r et ai ns the r i ghtt o us e ortr ans fer th e p ro p e rt y . S e e B a rte r v . P a lm e rto n A re a Sc h . D ist. , 5 8 1 A .2 d 6 5 2 , 6 5 4 (P a . S u p e r. C t. 1 9 9 0 ) ( re q u ir in g a m a rk e ta b le title to b e “ f re e f ro m lie n s a n d e n c u m b ra n c e s ” ).B a n c o P o p u lar a rg u e s th a t th e len g th yd e lay i n re so lv in g th e m a rk e tab ili tyo f tit le 5 a b so lv e s it f

ro m p e rf o rm in g its o b lig a tio n s u n d e r th e c o n tra c t. T h e b a n k is c o rre c t th a t, 9 A c c o rd in g to th e b a n k , H e len ’s r e sig n a tio n a ttem p t re n d e re d th e tit le u n m a rk e tab le becau se i tw as unclearw hetherher si gn ature w as suffi ci ent t o b i nd the est at e. T hu s, f o llo w in g e x e c u tio n o f

th e d e e d , the re re m a in e d a re a so n a b le p o ss ib ili tyth a t th e e sta te r et ai ned an i nt er es ti n t he pr oper t y . T he bank c ont ends thatthi s cl oud hover ed overt he t i t l e fors o l ong t hati tbeca m e unabl e t o t r ans ferm arket abl e t i t l e t o M art i n w i t hi n a r eas onabl e amountof t i m e, l eavi ng i tw i t h no opt i on ot herthan t o t erm i nat e the a g re e m e n t. B anco Popul ari s i ncorr ect . O n O ct ober4, 2006, the Pr obat e D i vi s i on decl ar ed th a t A n n g ia w a s s o le o w n e r o f th e c o n d o m in iu m a n d c lo s e d a d m in is tr a tio n o f th e e s ta te . T h at ord er c o n clus ivelyex ti n g u ishe d an yinterest th at th e e stat e re tai n ed in an yo f R ee d ’s p ro p e rt y . See V . I. C OD E A NN . , t i t . 15, § 311 ( “The . . . admi ni s t r at ori s ent i t l ed t o t he p o s s e s s io n a n d c o n tr o l o f th e p ro p e rt yo f

th e d e c e a s e d ... u n til

th e a dm in istra tio n is com pl et ed ... .” ( emphasi s added) ) . T hus , ther e w as no r eas onabl e pos s i bi l i t ythatthe es t at e w oul d as s er tan i nt er es ti n t he condomi ni um aft erO ct ober4, 2006, and the or derof the Pr obat e D i vi s i on di s pel l ed anycl oud t hatr emai ned overthe t i t l e. B anco Popul ar therefore acqu i red m arket able t i t l e atthe ti m e t hat or der w as i ssued. U nd er these circu m stan ce s, the d elayb etw ee n the e x ec u ti o n o f th e c o n tr ac t and B an co P o p u lar’s pr es entabi l i t yt o per form i s nots o l engthyas t o j us t i fythe bank’ s r epudi at i on of the c o n tra c t. 5a b se n t a s p e c if ied tim e f

o r p e rf o rm a n c e , co n tra c ts m u st b e c a rrie d o u t w ith in a re a so n a b le tim e . B lack H

ors e Lane Ass oc. , L. P . v. D ow C hem . C or p. , 2 2 8 F . 3 d 2 7 5 , 2 8 4 (3d C ir . 2000) ( “[W ] her e no t i m e i s fi xed forthe per form ance of a c ontr act , byi m pl i cat i on a r eas onabl e t i m e w as i nt ended. ” ( ci t at i on om i t t ed) ) . I n s om e ca s es , del ayt o t he ext ent p re s e n t in th is m a tte r m a yq u a lif ya s u n re a s o n a b le , th e re b ye x c u s in g p e rf o rm a n c e . H o w e v e r, in th is p a rticu lar c a se , the d e lay i s d u e lar g e lyto B a n c o P o p u lar ’s d e c isio n to cl ai m conce r n overm arket abl e t i t l e as a bas i s forr efus i ng t o cl os e, and thatdel ayw as exac erbat ed byt he Pr obat e D i vi s i on’ s notaddr es s i ng H el en’ s m ot i ons t o appr ove the tra n sf e r o f th e c o n d o m in iu m to th e b a n k . A t p re se n t, bo th th e b a n k a n d M a rtin re m a in capa bl e of pe r form i ng t he contr act , and M art i n s t i l l des i r es t o r ece i ve t i t l e t o t he condomi ni um . W e ther efor e conc l ude thatthe del aybetw een the exe cut i on of the contr actand B anco Popul ar ’ s pr es entabi l i t yt o per form i s nots o l engthyas t o j us t i fyt he b a n k ’s re p u d ia tio n o f

th e c o n tr a c t. 10 I I I . C oncl usi on Fort he for egoi ng r eas ons , w e w i l l aff i r m the or derof the D i s t r i ctC our tgr ant i ng su m m aryjud g m en t i n fa v o r of M arti n an d o rde ri n g B an co P o p u lar t o sp ec ifi ca ll yp erf o rm th e S a le s C o n tr a c t.