633F.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, all of the following are true:
1. A custodial trustee is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services.
2. A custodial trustee 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.
3. A custodial trustee need not furnish a bond or other security for the faithful performance of fiduciary duties.
2021 Acts, ch 8, §14
NEW section
Structure Iowa Code
Title XV - JUDICIAL BRANCH AND JUDICIAL PROCEDURES
Chapter 633F - IOWA UNIFORM CUSTODIAL TRUST ACT
Section 633F.2 - Custodial trust — general.
Section 633F.3 - Custodial trustee for future payment or transfer.
Section 633F.4 - Form and effect of receipt and acceptance by custodial trustee — jurisdiction.
Section 633F.5 - Transfer to custodial trustee by fiduciary or obligor — facility of payment.
Section 633F.6 - Single beneficiaries — separate trust accounts.
Section 633F.7 - General duties of custodial trustee.
Section 633F.8 - General powers of custodial trustee.
Section 633F.9 - Use of custodial trust property.
Section 633F.10 - Determination of incapacity — effect.
Section 633F.11 - Exemption of third person from liability.
Section 633F.12 - Liability to third person.
Section 633F.14 - Expenses, compensation, and bond of custodial trustee.
Section 633F.16 - Limitations of action against custodial trustee.
Section 633F.17 - Distribution on termination.
Section 633F.18 - Methods and forms for creating custodial trusts.
Section 633F.19 - Applicable law.
Section 633F.20 - Uniformity of application and construction.