Louisiana Revised Statutes 9:2260.14 – Expenses, compensation, and bond of custodial trustee
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Terms Used In Louisiana Revised Statutes 9:2260.14
- Court: means a court of competent jurisdiction. See Louisiana Revised Statutes 9:2260.1
- Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this Chapter and the income from and proceeds of that interest. See Louisiana Revised Statutes 9:2260.1
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
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 six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year.
(3) Need not furnish a bond or other security for the faithful performance of fiduciary duties.
Acts 1995, No. 655, §1, eff. Jan. 1, 1998.