Tennessee Code 35-7-116 – Custodian’s expenses, compensation, and bond

(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.

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Terms Used In Tennessee Code 35-7-116

Custodial property: means :
(A) Any interest in property transferred to a custodian under this chapter. See Tennessee Code 35-7-102
Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
Transferor: means a person who makes a transfer under this chapter. See Tennessee Code 35-7-102
Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105

(b) Except for one who is a transferor under § 35-7-105, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.

(c) Except as provided in § 35-7-119(f), a custodian need not give a bond.

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Tennessee Code 35-7-116 – Custodian’s expenses, compensation, and bond

Terms Used In Tennessee Code 35-7-116

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