District of Columbia § 19-1114 Expenses, compensation, and bond of custodial trustee.

District of Columbia Statutes

§ 19-1114 — Expenses, compensation, and bond of custodial trustee.

District of Columbia·Title 19 Descent, Distribution, and Trusts. [Enacted title]·Ch. 11 Custodial Trusts; Uniform Law.

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 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.

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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 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.

District of Columbia § 19-1114 (Expenses, compensation, and bond of custodial trustee.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.