14-9115

14-9115. Reporting and accounting by custodial
trustee; determination of liability of custodial trustee

A. On 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. On request at reasonable times by the beneficiary or the beneficiary's legal
representative.

3. On resignation or removal of the custodial trustee.

4. On termination of the custodial trust. The statements must be provided to the
beneficiary or to the beneficiary's legal representative, if any. On 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 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.