Living with Banks: Trends and Lessons from the First Five Years
51 Pages Posted: 25 Sep 2017
Date Written: 2017
The landmark Virgin Islands Supreme Court case of Banks v. International Rental & Leasing Corp. was decided on December 15, 2011. The Banks decision was significant for the way it changed how courts applying Virgin Islands law approached matters of first impression. Prior to Banks, the ALI Restatements of the Law had a special status in the Virgin Islands, as a matter of statute, beyond the persuasive authority they supply in other US jurisdictions. Banks made it clear that the statute providing this special status to the Restatements had been implicitly repealed by the establishment of the Virgin Islands Supreme Court in 2007 and prescribed a new approach to matters of first impression, commonly known as a Banks analysis. Now that more than 120 cases have cited the Banks decision, a substantial body of Banks case law exists. Drawing on this body of case law, this article attempts to identify some trends and best practices in Banks analyses.
Keywords: Restatements, Virgin Islands, Persuasive Authority
JEL Classification: K00, K49
Suggested Citation: Suggested Citation