Louisiana Revised Statutes 9:2260.15 – Reporting and accounting by custodial trustee; determination of liability of custodial trustee
Terms Used In Louisiana Revised Statutes 9:2260.15
- Adult: means an individual who has attained the age of eighteen years. See Louisiana Revised Statutes 9:2260.1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this Chapter. See Louisiana Revised Statutes 9:2260.1
- 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
- Custodial trustee: means a person designated as trustee of a custodial trust under this Chapter or a substitute or successor to the person designated. See Louisiana Revised Statutes 9:2260.1
- Legal representative: means a personal representative, tutor, or curator. See Louisiana Revised Statutes 9:2260.1
- Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Louisiana Revised Statutes 9:2260.1
- Trustee: A person or institution holding and administering property in trust.
A.(1) Upon 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 as follows:
(a) Once each year.
(b) Upon request at reasonable times by the beneficiary or the beneficiary‘s legal representative.
(c) Upon resignation or removal of the custodial trustee.
(d) Upon termination of the custodial trust.
(2) The statements must be provided to the beneficiary or to the beneficiary’s legal representative, if any. Upon 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 the custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.
Acts 1995, No. 655, §1, eff. Jan. 1, 1998.