2019 US Virgin Islands Code
Title 22 - Insurance
Chapter 47 - Title Insurers
§ 1154. Levy of execution against deposit
- If an insurer fails to satisfy any judgment against it arising out of its liability under any title insurance policy or certificate of title issued, insured, or assumed by it, within 30 days after the finality of the judgment became fixed, the judgment may be enforced against the insurer's guaranty fund deposit through the following procedure:
(1) the judgment creditor shall petition the court wherein the judgment is entered and as part of the same cause, truthfully setting forth the facts regarding the insurer's failure to satisfy the judgment as required by this section;
(2) upon such petition the court shall direct issuance of a special execution directed to the marshal, requiring that the marshal sell so much of the securities on deposit as may be required to satisfy the judgment and pay the costs of the levy;
(3) the court's order for issuance of the special execution shall also direct that a copy of the judgment and of the petition be served upon the Commissioner of Insurance within five days after the date of the order; and
(4) upon issuance of such special execution and upon such service upon the Commissioner of Insurance he shall obtain from the Commissioner of Finance and deliver to such marshal sufficient of such securities as may be required for sale to satisfy the judgment and to pay such costs.
