Rule 197. Quarterly accounts

(a) Every executor and administrator shall file successive serially numbered quarterly accounts of his administration for quarters ending March 31st, June 30th, September 30th, and December 31st of each year until final accounting. The account for each quarter shall be filed on or before the 15th day of the month next after the end of the quarter unless said 15th day is a holiday, in which event the account may be filed on the first business day after that holiday; provided that the first account of an executor or administrator need not be filed at the end of the quarter during which his inventory is filed, but shall be filed at the end of the next succeeding quarter.

(b) In every account, the executor or administrator shall charge himself with all assets which have come into his possession or control, or with the balance shown by the last preceding account, together with any newly discovered assets and any income of the estate, and every other item that was part of the estate at any time during the period covered by the account. He shall itemize and may claim credit for the amount of all debts, claims, and expenses paid by him and all losses incurred by the estate during said period. All collections and every change in the form of any assets shall appear in the account. If transactions have been numerous, the account may be stated in the form of a summary with reference therein to attached schedules wherein the detail of each summarized entry is set forth. The statement of every expenditure or other disposition of assets must refer to and be supported by numbered vouchers which shall be filed with the clerk together with the account.

(c) To each account there shall be attached a brief narrative statement signed by both the executor or administrator and his attorney of record showing: (1) the progress made in administration during the accounting period, and if no substantial progress is shown, the reason for delay; (2) the progress anticipated during the next period, and (3) the anticipated date of final accounting.

(d) Every account shall be subscribed by both executor or administrator and his attorney or one of his attorneys of record, and shall be verified by either executor or administrator or his attorney.

(e) Every account shall be filed in duplicate in the office of the clerk in the division wherein the executor or administrator has been appointed.

(f) An executor or administrator and his attorney or attorneys of record shall be equally responsible for the prompt filing of proper accounts. By signing an account, an attorney shall be deemed to certify that the statements therein contained are accurate insofar as his knowledge thereof extends, and insofar as his own records and the records of the executor or administrator available to him show.--Added Dec. 17, 1976.

Accounts of executors and administrators, see 15 V.I.C. ' 561 et seq.