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 noncumulative election, to be made no later than 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.

CREDIT(S)

(July 23, 2002, D.C. Law 14-177, § 2(b), 49 DCR 5092.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For Law 14-177, see notes following § 19-1101.

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 noncumulative election, to be made no later than 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.

CREDIT(S)

(July 23, 2002, D.C. Law 14-177, § 2(b), 49 DCR 5092.)

HISTORICAL AND STATUTORY NOTES

Legislative History of Laws
For Law 14-177, see notes following § 19-1101.