Section 45-7-515 - Expenses, compensation and bond of custodial trustee. - New Mexico Statutes

45-7-515. Expenses, compensation and bond of custodial trustee.

Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee:   

A.     is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;   

B.     has 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 that year; and   

C.     need not furnish a bond or other security for the faithful performance of fiduciary duties.