reglab/housing_qa huggingface dataset:
V.I. Code tit. 15, § 1094 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1094. Corporate trustee depositing trust funds with self

 (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 deposit such interest as it is required by statute to pay on uninvested trust funds, or, if there be no such statute, the same rate of interest it pays upon similar non-trust deposits, and maintains in its trust department as security for all such deposits a separate fund consisting of securities legal for trust investments and at all times equal in total market value to the amount of the deposits. But no such security shall be required to the extent that the deposit is insured or given a preference by any territorial or federal law. (b) The separate fund of securities shall be marked as such. Withdrawals from or additions to it may be made from time to time, as long as the required value is maintained. The income of such securities shall belong to the corporate trustee. In all statements of its financial condition published, or delivered to Banking Board, such corporate trustee shall show as separate items the amount of trust funds which it has deposited with itself and the amount of securities which it holds as security for the payment of such deposits.
V.I. Code tit. 15, § 1095 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1095. Trustee buying from or selling to self

 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.
V.I. Code tit. 15, § 1096 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1096. Trustee selling from one trust to another trust

 No trustee shall as trustee of one trust sell property to itself as trustee of another trust.
V.I. Code tit. 15, § 1097 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1097. Corporate trustee buying its own stock

 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.
V.I. Code tit. 15, § 1098 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1098. Voting stock

 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.
V.I. Code tit. 15, § 1099 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1099. Holding stock in name of nominee

 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 the trustee and the facts regarding its holding; and (2) the nominee shall deposit with the trustee a signed statement showing the trust ownership, shall endorse the stock certificate in blank, and shall not have possession of the stock certificate or access thereto except under the immediate supervision of the trustee. The trustee shall be personally liable for any loss to the trust resulting from any act of such nominee in connection with stock so held.
V.I. Code tit. 15, § 1100 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1100. Powers attached to office

 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.
V.I. Code tit. 15, § 1101 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1101. Powers exercisable by majority

 (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 beneficiaries or to others for the consequences of such exercise, nor shall a dissenting trustee be liable for the consequences of an act in which he joins at the direction of the majority trustees, if he expressed his dissent in writing to any of his co-trustees at or before the time of such joinder. (b) Nothing in this section shall excuse a co-trustee from liability for inactivity in the administration of the trust nor for failure to attempt to prevent a breach of trust.
V.I. Code tit. 15, § 1102 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1102. Contracts of trustee

 (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 representative capacity, and any judgment rendered in such action in favor of the plaintiff shall be collectible by execution out of the trust property. In such an action the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim. (b) No judgment shall be rendered in favor of the plaintiff in such action unless he proves that within thirty days after the beginning of such action, or within such other time as the court may fix, and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest, or in the case of a charitable trust the United States attorney and any corporation which is a beneficiary or agency in the performance of such charitable trust, of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to the parties to be notified at their last known addresses. The trustee shall furnish the plaintiff a list of the parties to be notified, and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section. Any beneficiary, or in the case of charitable trusts the United States attorney and any corporation which is a beneficiary or agency in the performance of such charitable trust, may intervene in such action and contest the right of the plaintiff to recover. (c) The plaintiff may also hold the trustee who made the contract personally liable on such contract, if the contract does not exclude such personal liability. The addition of the word “trustee” or the words “as trustee” after the signature of a trustee to a contract shall be deemed prima facie evidence of an intent to exclude the trustee from personal liability.
V.I. Code tit. 15, § 1103 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1103. Exoneration or reimbursement for torts

 (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— (1) the tort was a common incident of the kind of business activity in which the trustee was properly engaged for the trust, or— (2) although the tort was not a common incident of such activity, if neither the trustee nor any officer or employee of the trustee was guilty of personal fault in incurring the liability. (b) If a trustee commits a tort which increases the value of the trust property, he shall be entitled to exoneration or reimbursement with respect thereto to the extent of such increase in value, even though he would not otherwise be entitled to exoneration or reimbursement. (c) Nothing in this section shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.
V.I. Code tit. 15, § 1104 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1104. Tort liability of trust estate

 (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) the tort was a common incident of the kind of business activity in which the trustee or his predecessor was properly engaged for the trust; or— (2) that, although the tort was not a common incident of such activity, neither the trustee nor his predecessor, nor any officer or employee of the trustee or his predecessor, was guilty of personal fault in incurring the liability; or— (3) that, although the tort did not fall within classes (1) or (2) above, it increased the value of the trust property. If the tort is within classes (1) or (2) above, collection may be had of the full amount of damage proved; and if the tort is within class (3) above, collection may be had only to the extent of the increase in the value of the trust property. (b) In an action against the trustee in his representative capacity under this section the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim. (c) No judgment shall be rendered in favor of the plaintiff in such action unless he proves that within thirty days after the beginning of the action, or within such other period as the court may fix and more than thirty days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present interest of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to such beneficiaries at their last known address. The trustee shall furnish the plaintiff a list of such beneficiaries and their addresses, within ten days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this section. Any beneficiary may intervene in such action and contest the right of the plaintiff to recover. (d) The trustee may also be held personally liable for any tort committed by him, or by his agents or employees in the course of their employments, subject to the rights of exoneration or reimbursement provided in section 1103 of this title. (e) Nothing in this section shall be construed to change the existing law with regard to the liability of trustees of charitable trusts for torts of themselves or their employees.
V.I. Code tit. 15, § 1105 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1105. Withdrawals from mingled trust funds

 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 of a third person not a beneficiary or creditor of one or more of the trusts, or for an unknown purpose, such a withdrawal shall be charged first to the amount of cash, credit, or other property of the trustee in the mingled fund, if any, and after the exhaustion of the trustee's cash, credit, or other property, then to the several trusts in proportion to their several interests in the cash, credit, or other property at the time of the withdrawal.
V.I. Code tit. 15, § 1106 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1106. Unenforceable oral trust created by deed

 (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 Frauds, the intended trustee or his successor in interest, except to the extent that the successor in interest is a bona fide purchaser of a legal interest in the real property in question, shall be under a duty to convey the interest in real property to the settlor or his successor in interest. A court having jurisdiction may prescribe the conditions upon which the interest shall be conveyed to the settlor or his successor in interest. (b) Where the intended trustee has transferred part or all of his interest and it has come into the hands of a bona fide purchaser, the intended trustee shall be liable to the settlor or his successor in interest for the value of the interest thus transferred at the time of its transfer, less such offsets as the court may deem equitable.
V.I. Code tit. 15, § 1107 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1107. Power of settlor

 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 trust if the settlor reserved the power to amend the trust, relieve his trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon him by this chapter; or alter or deny to his trustee any or all of the privileges and powers conferred upon the trustee by this chapter; or add duties, restrictions, liabilities, privileges, or powers, to those imposed or granted by this chapter; but no act of the settlor shall relieve a trustee from the duties, restrictions, and liabilities imposed upon him by sections 1093–1095 of this title.
V.I. Code tit. 15, § 1108 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1108. Power of beneficiary

 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 otherwise be imposed on the trustee by this chapter, except as to the duties, restrictions, and liabilities imposed by sections 1093–1095 of this title. Any such beneficiary may release the trustee from liability to such beneficiary for past violations of any of the provisions of this chapter.
V.I. Code tit. 15, § 1109 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1109. Power of the court

 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 reasonably from liability for violations of the provisions of this chapter.
V.I. Code tit. 15, § 1110 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1110. Liabilities for violation of chapter

 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.
V.I. Code tit. 15, § 1111 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1111. Uniformity of interpretation

 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.
V.I. Code tit. 15, § 1251a (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 62 - Virgin Islands Uniform Transfers to Minors Act|§ 1251a. Short title

 This chapter may be cited as the “Virgin Islands Uniform Transfer to Minors Act.”
V.I. Code tit. 15, § 1251b (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 62 - Virgin Islands Uniform Transfers to Minors Act|§ 1251b. Definitions

 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 commodities for the person's own account or for the account of others. (d) “Court” means the Superior Court of the Virgin Islands. (e) “Custodial property” means (i) any interest in property transferred to a custodian under this chapter, and (ii) the income from and proceeds of that interest in property. (f) “Custodian” means a person so designated under section 1251j; or a successor or substitute custodian designated under section 1251w. (g) “Financial institution” means a bank, trust company, savings institution, or credit union, chartered and supervised under the territorial or federal law. (h) “Guardian” means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. (i) “Legal representative” means an individual's personal representative or guardian. (j) “Member of the minor's family” means the minor's parents, stepparents, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption. (k) “Minor” means an individual who has not attained the age of 18 years. (l) “Person” means an individual, corporation, organization, or other legal entity. (m) “Personal representative” means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. (n) “State” includes the Virgin Islands, any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States. (o) “Transfer” means a transaction that creates custodial property under section 1251m of this chapter. (p) “Transferor” means a person who makes a transfer under this chapter. (q) “Trust company” means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
V.I. Code tit. 15, § 1251c (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 62 - Virgin Islands Uniform Transfers to Minors Act|§ 1251c. Scope

 (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 the custodial property is located in this Territory. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian, or the removal of custodial property from the Virgin Islands. (b) A person designated as custodian under this chapter is subject to personal jurisdiction in this Territory with respect to any matter relating to the custodianship. (c) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act, or a substantially similar act, of another jurisdiction is governed by the law of the designated jurisdiction and may be executed and is enforceable in this Territory if at the time of the transfer, the transferor, the minor or the custodian is a resident of the designated jurisdiction or the custodial property is located in the designated jurisdiction.
V.I. Code tit. 15, § 1251d (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 62 - Virgin Islands Uniform Transfers to Minors Act|§ 1251d. Nomination of custodian

 (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 substance by the words: “as custodian for ____ (name of minor) under the Virgin Islands Uniform Transfers to Minors Act.” The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payer, issuer, or other obligor of the contractual rights. (b) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under section 1251m, subsection (a) of this chapter. (c) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under section 1251j of this chapter. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section 1251j of this chapter.
V.I. Code tit. 15, § 1251e (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 62 - Virgin Islands Uniform Transfers to Minors Act|§ 1251e. Transfer by gift or exercise of power of appointment

 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.