404.580. Compensation and expenses of custodian--bond required, when--custodian's claims not lien on custodial property. - Missouri Statutes

Compensation and expenses of custodian--bond required,when--custodian's claims not lien on custodial property.

404.580. 1. Subject to any written agreement with thebeneficiary, a personal custodian is entitled to reimbursementfrom custodial property for reasonable expenses incurred in theperformance of the personal custodian's duties.

2. Subject to any written agreement, a personal custodianwho is not a donor may each year elect to receive from thecustodial property reasonable compensation for services aspersonal custodian. If an election is not affirmatively madeduring the calendar year, the right to compensation for that yearshall lapse.

3. A personal custodian is not required to give a bond forthe performance of the personal custodian's duties unlessrequired by court order.

4. No claim of a personal custodian for expenses orcompensation shall constitute a claim or lien on custodialproperty transferred by the personal custodian to a third personor to the beneficiary.

(L. 1986 S.B. 651 § 7)