[§554B-15]  Reporting and accounting by
custodial trustee; determination of liability of custodial trustee.  (a) 
Upon the acceptance of the custodial trust property, a 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 a reasonable time by the
beneficiary or the beneficiary's legal representative,



(3)  Upon resignation or removal of the custodial
trustee, and



(4)  On termination of the custodial trust.



These statements must be provided to the beneficiary
or to the beneficiary's legal representative, if any.  On termination of the
beneficiary's interest, a current statement must be provided 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, or a person
interested in the custodial trust property or as appropriate, another 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)  The court, in a proceeding under this
chapter or in any other proceeding, may require or permit the custodial trustee
or the custodial trustee's legal representative to account; or 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. [L 1989, c 76, pt of §1]



 



Revision Note



 



  In subsection (a), paragraphs redesignated.



Rules of Court



 



Rules of Court



 



  Accountings, see Hawaii Probate Rules, part A(VII); HPR rules
83, 84.