Massachusetts General Laws ch. 203B sec. 14 – Expenses; bond
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Section 14. 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 Massachusetts General Laws ch. 203B sec. 14
- 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
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
(1) shall be entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
(2) shall have 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 such year; and
(3) need not furnish a bond or other security for the faithful performance of fiduciary duties.