[554B-14] Expenses, compensation, and bond of custodial trustee. Except as provided otherwise in the custodial trust instrument, in an agreement with the beneficiary, or by court order:

(1) A custodial trustee is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;

(2) A custodial trustee has a noncumulative election to be made no later than six months following the end of each calendar year to charge a reasonable compensation for fiduciary services performed during that year; and

(3) A custodial trustee need not post a bond for faithful performance of the custodial trust. [L 1989, c 76, pt of 1]

 

 

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