V.I. Code tit. 33, § 2591 (2019)
2019 US Virgin Islands Code|Title 33 - Taxation and Finance|Subtitle 2 - Property Taxes|Chapter 89 - Levy and Collection of Tax|Subchapter V - Assignment or Sale and Transfer of Tax Liens/privatization of Tax Collection Process|§ 2591. Assignment or Sale and Transfer of Tax Liens

 (a) The Lieutenant Governor of the United States Virgin Islands may assign or sell and transfer, for consideration, to a third party, any tax liens on real property which remain unpaid after the due date. The tax liens may be assigned or sold and transferred in any manner the Lieutenant Governor deems appropriate, including but not limited to, in bulk sale, or to a person who issues debt secured by such tax liens. Such sale or transfer shall be pursuant to the procurement provisions of Title 31, chapter 23, Virgin Islands Code. (b) The United States Virgin Islands tax liens may be purchased by any third party, including, but not limited to, a trust created and established solely for the purpose of purchasing tax liens from the United States Virgin Islands, and which issues debt securities secured by the liens. The Lieutenant Governor is authorized to accept as payment for the assignment or sale and transfer of the tax liens, cash, notes, or any combination thereof, or such other consideration as the Lieutenant Governor deems appropriate. Any bonds, notes or other obligations issued by any purchaser, assignee, or transferee of the tax liens shall not constitute obligations of the Government of the United States Virgin Islands and shall be without recourse to the Government of the United States Virgin Islands. (c) The assignment or sale and transfer of any tax liens and the right to receive amounts in respect thereof as provided by law shall be evidenced by a tax lien certificate of the Lieutenant Governor or his duly authorized representative, which shall recite the full amount of such lien, including penalties, interest, and costs accrued as of the date of the assignment or sale and transfer of such tax lien, and naming the purchaser of the lien, the record owner, and the tax assessment description and physical address of the related real property. (d) The transferee of a tax lien and any assignee or successor in interest of such transferee shall have and possess the same rights, powers, liens status and priority of payment at law or in equity as the Government of the United States Virgin Islands would have possessed if the tax lien had not been assigned or sold and transferred including collection of all unpaid taxes, penalties and interest, absolute title to the property free from all mortgages, liens or other encumbrances when not redeemed according to law by the owner. (e) The assignee, purchaser, or transferor of a tax lien certificate, and any successor thereof, shall be subject to applicable tenant protection provisions of Title 28, section 831, et seq. and Title 33, section 2498 of the United States Virgin Islands Code. (f) The Lieutenant Governor shall have the right to substitute any tax lien certificate assigned or sold and transferred for a tax lien certificate of equal value for similar property, where the Government of the United States Virgin Islands or the Lieutenant Governor has determined that a particular property should be exempt from the tax lien portfolio in cases where the original lien had or has a deficiency, where the delinquency has been cured, where the property is in probate, or where a satisfactory repayment plan is established. (g) The Lieutenant Governor may issue rules and regulations to implement the provisions of this section. (h) Notwithstanding any other provision of law, whenever the Governor of the Virgin Islands, acting through the Lieutenant Governor, determines that it is in the best interests of the Government of the Virgin Islands, the Government may assign, or sell and transfer, its liens to a third party as defined in subsection (a) and (b) herein, for an amount less than the total amount of unpaid taxes, penalties and accrued interest. The execution of a purchase agreement or other agreement by the Government shall be conclusive evidence of the adequacy of consideration of the assignment, or sale and transfer of the tax liens.