Section 14. 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) shall be entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
(2) shall have 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 such year; and
(3) need not furnish a bond or other security for the faithful performance of fiduciary duties.
Structure Massachusetts General Laws
Part II - Real and Personal Property and Domestic Relations
Chapter 203b - Uniform Custodial Trust Act
Section 2 - Creation; Termination; Augmentation of Trust Property; Designation of Successor Trustee
Section 3 - Designation as Substitute or Successor Custodial Trustees
Section 4 - Custodial Trustee's Acceptance
Section 5 - Transfer of Trust Property for Use and Benefit of Incapacitated Individual
Section 6 - Multiple Beneficiaries; Right of Survivorship
Section 7 - Vesting Title; Management of Trust Property; Duties
Section 8 - Trustee's Rights and Powers Over Trust Property
Section 9 - Payments to Beneficiaries
Section 10 - Administration of Trust for Incapacitated Beneficiary; Determination of Incapacity
Section 11 - Third Person Dealing With One Purporting to Act as Trustee
Section 12 - Claims Against Trust Property; Trustee, Beneficiary Liability
Section 13 - Trustee Declining to Serve; Resignation; Petition for Removal
Section 15 - Written Statement of Property and Administration; Petition for Accounting
Section 16 - Claims for Relief; Time Limitations
Section 17 - Termination of Trust; Order of Distribution