Written statement of trust administration; petition for accounting
Sec. 35. (a) Upon the acceptance of custodial trust property, the
custodial trustee shall provide a written statement describing the
custodial trust property. The custodial trustee shall provide a written
statement of the administration of the custodial trust property:
(1) once each year;
(2) upon request at reasonable times by the beneficiary or the
beneficiary's legal representative;
(3) upon resignation or removal of the custodial trustee; and
(4) upon termination of the custodial trust.
The statements described by this section must be provided to the
beneficiary or to the beneficiary's legal representative, if any. Upon
termination of the beneficiary's interest, the custodial trustee shall
furnish a current statement to the person to whom the custodial trust
property is to be delivered.
(b) The following may petition the court for an accounting by the
custodial trustee or the custodial trustee's legal representative:
(1) A beneficiary.
(2) The beneficiary's legal representative.
(3) An adult member of the beneficiary's family.
(4) A person interested in the custodial trust property.
(5) A person interested in the welfare of the beneficiary.
(c) A successor custodial trustee may petition the court for an
accounting by a predecessor custodial trustee.
(d) In an action or proceeding under this chapter or in any other
proceeding, the court may require or permit the custodial trustee or
the custodial trustee's legal representative to account. The custodial
trustee or the custodial trustee's legal representative may petition the
court for approval of final accounts.
(e) If a custodial trustee is removed, the court shall:
(1) require an accounting;
(2) order delivery of the custodial trust property and records to
the successor custodial trustee; and
(3) order the execution of all instruments required for transfer
of the custodial trust property.
(f) On petition of the custodial trustee or any person who could
petition for an accounting, the court, after notice to interested
persons, may:
(1) issue instructions to the custodial trustee;
(2) review the propriety of the acts of a custodial trustee; or
(3) review the reasonableness of compensation determined by
the custodial trustee for the services of the custodial trustee or
others.
As added by P.L.3-2003, SEC.1.
Last modified: May 27, 2006