Compensation of custodial trustee
Sec. 34. Except as otherwise provided in the instrument creating
the custodial trust, in an agreement with the beneficiary, or by court
order, a custodial trustee:
(1) is entitled to reimbursement from custodial trust property for
reasonable expenses incurred in the performance of fiduciary
services;
(2) has a noncumulative election, to be made not later than six
(6) months after the end of each calendar year, to charge a
reasonable compensation for fiduciary services performed
during that year; and
(3) need not furnish a bond or other security for the faithful
performance of fiduciary duties.
As added by P.L.3-2003, SEC.1.
Last modified: May 27, 2006