Section 13.60.130. Expenses, compensation, and bond of custodial trustee.

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 no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
        (3) does not need to furnish a bond or other security for the faithful performance of fiduciary duties.

Notes

History

(Sec. 1 ch 10 SLA 1994)