reglab/housing_qa huggingface dataset:
V.I. Code tit. 15, § 1001 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1001. Application of chapter

 The provisions of this chapter shall govern trustees, guardians and other fiduciaries, hereafter in this chapter called “fiduciaries”, acting under wills, agreements, court orders and other instruments now existing or hereafter made.
V.I. Code tit. 15, § 1002 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1002. Investment standards and powers of fiduciaries

 In acquiring, investing, reinvesting, exchanging, retaining, selling and managing property for the benefit of another, fiduciaries shall exercise the judgment and care under the circumstances then prevailing, which men of prudence, discretion and intelligence exercise in the management of their affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Within the limitations of the foregoing standard, fiduciaries may acquire and retain every kind of property, real, personal or mixed, and every kind of investment, specifically including but not by way of limitation, bonds, debentures and other corporate obligations, and stocks, preferred or common, which men of prudence, discretion and intelligence acquire or retain for their own account, and within the limitations of the foregoing standard, fiduciaries may retain property properly acquired, without limitation as to time and without regard to its suitability for original purchase.
V.I. Code tit. 15, § 1003 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1003. Effect of provisions of instrument: definition of “legal investment” and “authorized investment”

 (a) Nothing contained in this chapter shall be construed as authorizing any departure from, or variation of, the express terms or limitations set forth in any will, agreement, court order or other instrument creating or defining the fiduciary's duties and powers. (b) The terms “legal investment” or “authorized investment” or words of similar import, as used in any instrument specified in subsection (a) of this section, shall be taken to mean any investment which is permitted by the terms of section 1002 of this title.
V.I. Code tit. 15, § 1004 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1004. Retention by fiduciary of investments

 Unless expressly provided otherwise in any instrument specified in subsection (a) of section 1003 of this title, any provisions in any such instrument prescribing, defining or limiting the kind of property in which the funds of the trust to which such instrument relates shall be invested shall not apply to any property owned by a testator at the time of his death and delivered to the fiduciary by the personal representative of such testator who has created a trust by his will, or delivered by the settlor to the fiduciary of a trust created in a trust agreement, or delivered to the fiduciary pursuant to a court order or other instrument creating or defining the fiduciary's duties and powers, and such fiduciary may retain all such property so acquired, subject to the limitations of the standards set forth in section 1002 of this title.
V.I. Code tit. 15, § 1005 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1005. Retention by bank or trust company acting as a fiduciary of its own stock

 Unless expressly provided otherwise in any instrument specified in subsection (a) of section 1003 of this title, a bank or trust company acting as a fiduciary and authorized so to act may retain in a trust estate shares of its own capital stock acquired in any manner referred to in section 1004 of this title, as effectively as though the instrument creating or defining the fiduciary's duties and powers expressly so provided, subject to the limitations of the standards set forth in section 1002 of this title.
V.I. Code tit. 15, § 1006 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1006. Deviation from terms of instrument

 Nothing contained in this chapter shall be construed as restricting the power of a court of proper jurisdiction to permit fiduciaries to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale or management of fiduciary property.
V.I. Code tit. 15, § 1007 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1007. Common fund investments by bank or trust company

 A bank or trust company authorized to act in a fiduciary capacity and acting in such capacity, other than merely as agent, may invest funds held by it for investment as fiduciary in fractional undivided interests in a common fund composed exclusively of property permitted for investment by the terms of section 1002 of this title and of cash, if such common fund shall have been created and is managed exclusively by such bank or trust company as trustee under a written plan, an original copy of which, executed by such bank or trust company, has been filed and is recorded in the office of the clerk of the district court. Under such plan it shall not be permitted that any such fractional interests shall at any time be owned by any other than such bank or trust company as fiduciary under will, under agreement, under court order, or as a guardian, or as executor or administrator. At least once each three months, as of a predetermined date, the fair value of the assets of the common fund shall be ascertained, and a fractional interest in such common fund may only be acquired or redeemed as of such predetermined date by payment, in the case of acquisition, of an amount in cash or United States Savings Bonds Series G at par therefor, or in the case of redemption, of an amount in cash or in kind, or partly in cash and partly in kind, equal to its proportionate part of the fair value of the common fund. A reasonable period, not to exceed seven days, following each such predetermined date may be used to make the computations necessary to determine the value of the common fund and of the participations therein. At the time of the making of an investment in such common fund there shall not be held in the fund any asset which, because of the nature of such asset, the bank or trust company might not then properly purchase as an investment for the fiduciary account for which the investment in the common fund is made. The bank or trust company shall not charge a fee or commission to the common fund for its management or receive any fees or commissions from any fiduciary estate which may be invested in a common fund other than those it would be entitled to receive if such estate were otherwise invested.
V.I. Code tit. 15, § 1008 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 53 - Investments of Fiduciaries|§ 1008. Power of bank or trust company acting as fiduciary to purchase property held by it

 (a) A bank or trust company shall not purchase, with funds held by it as a fiduciary, any property held by its commercial or banking department, but this prohibition shall not apply to mortgages and their accompanying bonds designated by its commercial or banking department for future trust investment at the time of acquisition by the commercial or banking department and purchased within one year from such time of acquisition with funds held by it in its trust department, provided the interest and taxes are current at the time of purchase by the trust department and an appraisal certificate on the real estate covered by the mortgages being purchased from at least one person competent and qualified to appraise real estate is obtained by the trust department at any time within ten days prior to the purchase by and transfer to the trust department. This exception shall apply to all types of mortgages held by the commercial or banking department, including mortgages covering properties constructed during the one year period from the time the mortgages were acquired by the commercial or banking department, provided with respect to the latter type of mortgages, that an appraisal certificate on the completed property from at least one person competent and qualified to appraise such property, and a certificate from the owner of the property and/or the registered architect who planned the construction of the property, certifying that the construction is complete and satisfactory in every respect, are obtained by the trust department at any time within ten days prior to the purchase by and transfer to said department. (b) The commercial or banking department shall make a report monthly to the board of directors of the bank or trust company listing all mortgages designated for trust investment and covering all transactions relating thereto, and such report shall be noted in the minutes of the meeting of the board. (c) The purchase of mortgages and their accompanying bonds permitted by this section shall be made subject to the limitations of the standard set forth in section 1002 of this title.
V.I. Code tit. 15, § 1041 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1041. Definitions

 (a) In this chapter, unless the context or subject matter requires otherwise— “bank” includes any person or association of persons, whether incorporated or not, carrying on the business of banking; “fiduciary” includes a trustee under any trust, expressed, implied, resulting or constructive, executor, administrator, guardian, conservator, curator, receiver, trustee in bankruptcy, assignee for the benefit of creditors, partner, agent, officer of a corporation, public or private, public officer, or any other person acting in a fiduciary capacity for any person, trust or estate; “person” includes a corporation, partnership, or other association, or two or more persons having a joint or common interest; and “principal” includes any person to whom a fiduciary as such owes an obligation. (b) A thing is done “in good faith” within the meaning of this chapter, when it is in fact done honestly, whether it be done negligently or not.
V.I. Code tit. 15, § 1042 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1042. Application of payments made to fiduciaries

 A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration of such payment or transfer is not invalid in consequence of a misapplication by the fiduciary.
V.I. Code tit. 15, § 1044 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1044. Transfer of negotiable instrument by fiduciary

 If any negotiable instrument payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse such instrument on behalf of his principal, the indorsee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in indorsing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is transferred by the fiduciary in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is transferred in any transaction known by the transferee to be for the personal benefit of the fiduciary, the creditor or other transferee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in transferring the instrument.
V.I. Code tit. 15, § 1045 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1045. Check drawn by fiduciary payable to third person

 If a check or other bill of exchange is drawn by a fiduciary as such, or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in drawing or delivering the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith. If, however, such instrument is payable to a personal creditor of the fiduciary and delivered to the creditor in payment of or as security for a personal debt of the fiduciary to the actual knowledge of the creditor, or is drawn and delivered in any transaction known by the payee to be for the personal benefit of the fiduciary, the creditor or other payee is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the instrument.
V.I. Code tit. 15, § 1046 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1046. Check drawn by and payable to fiduciary

 If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally, or payable to a third person and by him transferred to the fiduciary, and is thereafter transferred by the fiduciary, whether in payment of a personal debt of the fiduciary or otherwise, the transferee is not bound to inquire whether the fiduciary is committing a breach of his obligation as fiduciary in transferring the instrument, and is not chargeable with notice that the fiduciary is committing a breach of his obligation as fiduciary unless he takes the instrument with actual knowledge of such breach or with knowledge of such facts that his action in taking the instrument amounts to bad faith.
V.I. Code tit. 15, § 1047 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1047. Deposit in name of fiduciary as such

 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 the bank pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in drawing the check or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.
V.I. Code tit. 15, § 1048 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1048. Deposit in name of principal

 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 the fiduciary is committing a breach of his obligation as fiduciary in drawing such check, or with knowledge of such facts that its action in paying the check amounts to bad faith. If, however, such a check is payable to the drawee bank and is delivered to it in payment of or as security for a personal debt of the fiduciary to it, the bank is liable to the principal if the fiduciary in fact commits a breach of his obligation as fiduciary in drawing or delivering the check.
V.I. Code tit. 15, § 1049 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1049. Deposit in fiduciary's personal account

 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 thereon, or of checks payable to his principal and indorsed by him, if he is empowered to indorse such checks, or if he otherwise makes a deposit of funds held by him as fiduciary, the bank receiving such deposit is not bound to inquire whether the fiduciary is committing thereby a breach of his obligation as fiduciary; and the bank is authorized to pay the amount of the deposit or any part thereof upon the personal check of the fiduciary without being liable to the principal, unless the bank receives the deposit or pays the check with actual knowledge that the fiduciary is committing a breach of his obligation as fiduciary in making such deposit or in drawing such check, or with knowledge of such facts that its action in receiving the deposit or paying the check amounts to bad faith.
V.I. Code tit. 15, § 1050 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1050. Deposit in names of two or more trustees

 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 bank is bound to inquire whether it is a breach of trust to authorize such trustee or trustees to draw checks upon the trust account, and is not liable unless the circumstances be such that the action of the payee or other holder or the bank amounts to bad faith.
V.I. Code tit. 15, § 1051 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1051. Chapter not retroactive

 The provisions of this chapter shall not apply to transactions taking place prior to the time when it takes effect.
V.I. Code tit. 15, § 1052 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1052. Cases not provided for in this chapter

 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.
V.I. Code tit. 15, § 1053 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 55 - Liability for Breach of Fiduciary Duty|§ 1053. 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, § 1091 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1091. Definitions

 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 interest; “trustee” includes trustees, a corporate as well as a natural person and a successor or substitute trustee; “relative” means a spouse, ancestor, descendant, brother or sister; “affiliate” means any person directly or indirectly controlling or controlled by another person, or any person under direct or indirect common control with another person. It includes any person with whom a trustee has an express or implied agreement regarding the purchase of trust investments by each from the other, directly or indirectly, except a broker or stock exchange; and “trust” means an express trust only.
V.I. Code tit. 15, § 1092 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1092. Bank account to pay special debts

 (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 depositor at the time of opening such account does not expressly otherwise declare, the depositor shall be deemed a trustee of such account for the creditors to be paid therefrom, subject to such power of revocation as the depositor may have reserved by agreement with the bank. (b) If any beneficiary for whom such a trust is created does not present his claim to the bank for payment within one year after it is due, the depositor who created such trust may revoke it as to such creditor.
V.I. Code tit. 15, § 1093 (2019)
2019 US Virgin Islands Code|Title 15 - Decedents' Estates and Fiduciary Relations|Part III - Fiduciary Relations|Chapter 57 - Trusts and Trustees|§ 1093. Loan of trust funds

 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, employer, employee, partner, or other business associate.