§ 33B-15. Reporting and accounting by custodial trustee; determination of liability of custodial trustee. - North Carolina Statutes

§33B‑15.  Reporting and accounting by custodial trustee; determination ofliability of custodial trustee.

(a)        Upon the acceptanceof custodial trust property, the custodial trustee shall provide a writtenstatement that the custodial trust property is held pursuant to this act anddescribing the custodial trust property. The custodial trustee shall thereafterprovide a written statement of the administration of the custodial trustproperty (i) once each year, (ii) upon request at reasonable times by the beneficiaryor the beneficiary's legal representative, (iii) upon resignation or removal ofthe custodial trustee, and (iv) upon termination of the custodial trust. Thestatements must be provided to the beneficiary or to the beneficiary's legalrepresentative. Upon termination of the beneficiary's interest, the custodialtrustee shall furnish a statement to the person to whom the custodial trustproperty is to be delivered.

(b)        A beneficiary, thebeneficiary's legal representative, an adult member of the beneficiary'sfamily, a person interested in the custodial trust property, or a personinterested in the welfare of the beneficiary may petition the court for anaccounting by the custodial trustee or the custodial trustee's legalrepresentative.

(c)        A successorcustodial trustee may petition the court for an accounting by a predecessorcustodial trustee or the legal representative of a predecessor custodialtrustee.

(d)        In an action orproceeding under this act or in any other proceeding, the court may require orpermit the custodial trustee or the custodial trustee's legal representative toaccount. The custodial trustee or the custodial trustee's legal representativemay petition the court for approval of annual or final accounts.

(e)        If a custodialtrustee is removed, the court shall require an accounting and order delivery ofthe custodial trust property and records to the successor custodial trustee andthe execution of all instruments required for transfer of the custodial trustproperty.

(f)         On petition of thecustodial trustee or any person who could petition for an accounting, thecourt, after notice to interested persons, may issue instructions to thecustodial trustee or review the propriety of the acts of a custodial trustee orthe reasonableness of compensation determined by the custodial trustee orothers. (1995, c. 486, s. 1.)