Arizona Laws 14-9114. Expenses, compensation and bond of custodial trustee
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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee:
Terms Used In Arizona Laws 14-9114
- Court: means the superior court. See Arizona Laws 14-1201
- 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 Arizona Laws 14-9101
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
- Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
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 not 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.