§ 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.
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.