A “statute of limitations” is a law that places a time limit on when a claim can be brought. These time limits are designed to prevent fraudulent and stale claims from arising after the passage of time or the defective memory, death, or disappearance of witnesses. The statute of limitations is a defense that is ordinarily asserted by the defendant to defeat an action brought against him after the appropriate time has elapsed. In Gunn v. First American Financial Corporation, fraud was involved, which tolled the clock and gave the plaintiff more time to amend his complaint. 


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This case stemmed from the tax sale of property known as “No. 5 Estate Sans Souci and Guinea Gut, No. 9 & 10 Cruz Bay Quarter, St. John, United States Virgin Islands.” (the "St. John Property”) in which Chief Justice Curtis V. Gomez of the District Court of the Virgin Islands, Division of St. Thomas and St. John, was asked to grant a motion to dismiss.


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In the case of Modern Construction, Inc. v. Carty, 2013 WL 2996549 (V.I.Super. June 13, 2013), the plaintiffs argued that they didn’t enter into a valid contract for the sale of land and that there was no agreement.  Even if there was a binding contract, they stated that it was oral and in violation of the Virgin Islands Statute of Frauds which provides that any interest in property that is orally created, transferred, or assigned for a period more than a year is void and unenforceable.


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James S. Carroll III, Judge of the Superior Court of the Virgin Islands was asked to settle a real estate dispute that originated in 2002. The Defendant Basil Bryan agreed to sell Parcel No. 17–5C, Estate St. Peter on St. Thomas, U.S. Virgin Islands, to the Plaintiff, Nancy Anderson. The parties also agreed that Ms. Anderson would receive an easement and Mr. Bryan would pave the roadway on the easement within 90 days of closing. 


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Virgin Islands Attorney General Vincent Frazer issued an opinion to Lieutenant Govenor Greg Francis on May 17, 2003 relative to the status of tax exemptions on real property transfers in the Territory.  The specific question posed by Lt. Governor Francis was whetther a conveyance of real property to or from a trust for the benefit of a grantor or beneficiary of a trust (reltated to the grantor withing the degrees of consanguinity statutorily set forth in Title 33, Section 128, subsection (a), item 8, Virgin Islands Code, is exempt from the payment of the Virgin Islands documentary stamp taxes.


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The Virgin Islands Housing Management, Inc. (VIHM), together with Reliance Housing Foundation recently announced the long awaited onset of the demolition and new construction redevelopment phase of the Emergency Housing Hospital Ground Apartments on St. Thomas, U.S. Virgin Islands.  Ronald R. Pennington, Chair of the BoltNagi PC’s Real Estate & Financial Services Practice Group served as counsel to Reliance Housing Foundation in the transaction.


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If you are currently considering selling and acquiring property of similar value, perhaps a 1031 exchange is right for you. A 1031 exchange differs a typical real estate sale because the property is considered to be exchanged instead of sold. Partial exchanges also qualify and receive partial tax-deferred treatment. One of the main advantages of a 1031 exchange is that the taxes are deferred, unlike those of a sale. As no economic gain has been realized, the government allows you to bypass the payment of taxes.


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