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Section 18-13-14 Expenses, compensation, and bond of custodial trustee.

RI Gen L § 18-13-14 (2019) (N/A)
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§ 18-13-14. 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 non-cumulative election, to be made no 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.

History of Section. (P.L. 1988, ch. 623, § 1.)

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Section 18-13-13 Declination, resignation, incapacity, death, or removal of custodial trustee - Designation of successor custodial trustee.
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Section 18-13-15 Reporting and accounting by custodial trustee - Determination of liability of custodial trustee.