§ 18-13-14 - Expenses, compensation, and bond of custodial trustee.
SECTION 18-13-14
§ 18-13-14 Expenses, compensation, andbond of custodial trustee. – Except as otherwise provided in the instrument creating the custodial trust, inan agreement with the beneficiary, or by court order, a custodial trustee:
(1) Is entitled to reimbursement from custodial trustproperty for reasonable expenses incurred in the performance of fiduciaryservices;
(2) Has a non-cumulative election, to be made no later thansix (6) months after the end of each calendar year, to charge a reasonablecompensation for fiduciary services performed during that year; and
(3) Need not furnish a bond or other security for thefaithful performance of fiduciary duties.