§ 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.
Structure Rhode Island General Laws
Chapter 18-13 - Rhode Island Uniform Custodial Trust Act
Section 18-13-1. - Definitions.
Section 18-13-2. - Custodial trust — General.
Section 18-13-3. - Custodial trustee for future payment or transfer.
Section 18-13-4. - Form and effect of receipt and acceptance by custodial trustee — Jurisdiction.
Section 18-13-5. - Transfer to custodial trustee by fiduciary or obligor — Facility of payment.
Section 18-13-6. - Multiple beneficiaries — Separate custodial trusts — Survivorship.
Section 18-13-7. - General duties of custodial trustee.
Section 18-13-8. - General powers of custodial trustee.
Section 18-13-9. - Use of custodial trust property.
Section 18-13-10. - Determination of incapacity — Effect.
Section 18-13-11. - Exemption of third person from liability.
Section 18-13-12. - Liability to third person.
Section 18-13-14. - Expenses, compensation, and bond of custodial trustee.
Section 18-13-16. - Limitations of action against custodial trustee.
Section 18-13-17. - Distribution on termination.
Section 18-13-18. - Methods and forms for creating custodial trusts.
Section 18-13-19. - Applicable law.
Section 18-13-20. - Uniformity of application of construction.