46:38-28 - Reimbursement for expenses; compensation; bond; liability for losses - New Jersey Statutes

46:38-28.    Reimbursement for expenses; compensation; bond; liability for losses
     (a)  A custodian is entitled to reimbursement from the custodial property for his reasonable expenses incurred in the performance of his duties.

    (b)  A custodian may act without compensation for his services.

    (c)  Unless he is a donor, a custodian may receive from the custodial property reasonable compensation for his services determined by:

    (1)  A direction by the donor when the gift is made; or

    (2)  In the absence of a direction by the donor, such compensation as provided by the law of this State governing compensation of a guardian of the estate of a minor.

    (d)  A custodian need not give a bond concerning the performance of his duties unless required to do so by this act or by court order.

    (e)  A custodian not compensated for his services is not liable for losses to the custodial property unless they result from his bad faith, intentional wrongdoing or gross negligence or from his failure to maintain the standard of prudence in investing the custodial property provided in this act.

    L. 1963, c. 177, s. 16.  Amended by L.1981, c. 377, s. 14, eff. March 1, 1982; repealed R.S. 46:38A-57 (effective July 1, 2007).