August 2011

The St. Croix Division of the District Court of the Virgin Islands recently clarified whether a foreclosed property’s fair market value (as opposed to the price that is brings at a foreclosure sale) can serve as the basis from which a deficiency judgment is calculated. This is an important question, as it addresses an apparent conflict between the local judgment statutes and the American Law Institute’s Third Restatement of Property on Mortgages, which has the force of law in the Virgin Islands. Most important, it emphasizes that, under current law, foreclosed defendants cannot invoke the fair market value of their property to avoid or lessen their post-judgment obligations.Continue Reading “‘Fair Market Value’ of No Value When It Comes To Foreclosure Deficiency Judgments”

A recent opinion by the Appellate Division of the District Court of the Virgin Islands addresses the constitutionality of the Virgin Islands aggravated assault statute. But far from wading into a scrum of technical constitutional analysis, the Appellate Court takes the Virgin Islands government to task for failing to muster any evidence on the statute’s behalf.Continue Reading Virgin Islands Aggravated Assault Statute Unconstitutional? Or Just Inadequately Defended

The Uniform Law Commission (ULC, also known as the National Conference of Commissioners on Uniform State Laws), established in 1892, provides states with non-partisan, well-conceived and well-drafted legislation that brings clarity and stability to critical areas of state statutory law.Continue Reading Attorney Tom Bolt to Address 29th Legislature of the Virgin Islands

Recent news out of New Jersey announces that the state’s appellate court overturned a lower court’s entry of a foreclosure judgment in favor of Deutsche Bank. Apparently, Deustche Bank attempted to foreclose on a borrower without being able to prove that it had possession of the original promissory note at the time that it brought its foreclosure action. As a result of the bank’s oversight, the appellate court ruled that the bank will have to restart the entire foreclosure process from scratch:Continue Reading Borrower Wins Skirmish, But May Lose the Foreclosure War

Most small business owners in the Virgin Islands are too busy building and maintaining their businesses to devote much time or energy to planning for their disposition. The difficulty with this approach is that the decision to sell the business is often made under circumstances, such as physical or fiscal illness, “battle fatigue,” or other circumstances that require a prompt disposition. Year after year, as the tourist season draws to a close, many local businesses consider their options.   As a rule of thumb, the more promptly your business has to be sold, the less likely it is that you, the owner, will receive a price commensurate with the asset you are selling – and for many of us – our business represents the sum of our life’s effort.Continue Reading Selling Your Island Business

Tom Bolt, Managing Attorney of BoltNagi, was elected to the Council of the American Bar Association’s Law Practice Management Section on Friday at the ABA Annual Meeting in Toronto, Canada. Since 1974, LPM has been the leading resource needed to successfully manage a law practice. LPM supplies lawyers and legal professionals with information and resources in the core areas of marketing, management, technology and finance.

"I am humbled to be elected to the Council of this august group." said Bolt.   "The ABA’s Law Practice Management Section brings together the leaders in law firms and law practice management throughout the nation.  I hope to bring my experience in building a successful practice in the U.S. Virgin Islands with the LPM Section as my partner."Continue Reading ABA/LPM Elects BoltNagi Managing Attorney to Council

Guam Delegate Madeleine Bordallo has introduced the "Territories Economic Development Opportunities Act," which allows the U.S. territories to participate in federal government-funded highway discretionary programs. Such programs include funding for ferries or ferry terminals, as well as the Federal Bridge Program.

Current law prohibits the U.S. Virgin Islands, American Samoa, Guam and the Commonwealth of the Northern Mariana Islands from competing for these programs.

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Continue Reading Bill Will Allow Virgin Islands Access to Federal Funding