§ 18-13-15. Reporting and accounting by custodial trustee — Determination of liability of custodial
trustee.
(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide
a written statement describing the custodial trust property and shall thereafter 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 must be provided to the
benefi
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§ 18-13-15. Reporting and accounting by custodial trustee — Determination of liability of custodial
trustee.
(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide
a written statement describing the custodial trust property and shall thereafter 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 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) A beneficiary, the beneficiary's legal representative, an adult member of the beneficiary's
family, a person interested in the custodial trust property, or a person interested
in the welfare of the beneficiary may petition the court for an accounting by the
custodial trustee or the custodial trustee's legal representative.
(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 require an accounting and order
delivery of the custodial trust property and records to the successor custodial trustee
and the execution of all instruments required for the 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 issue instructions to the custodial
trustee or review the propriety of the acts of a custodial trustee or the reasonableness
of compensation determined by the custodial trustee for the services of the custodial
trustee or others.