§ 18-13-15 - Reporting and accounting by custodial trustee – Determination of liability of custodial trustee. - Rhode Island Statutes

SECTION 18-13-15

   § 18-13-15  Reporting and accounting bycustodial trustee – Determination of liability of custodial trustee.– (a) Upon the acceptance of custodial trust property, the custodial trusteeshall provide a written statement describing the custodial trust property andshall thereafter provide a written statement of the administration of thecustodial trust property: (1) once each year, (2) upon request, at reasonabletimes, by the beneficiary or the beneficiary's legal representative, (3) uponresignation or removal of the custodial trustee, and (4) upon termination ofthe custodial trust. The statements must be provided to the beneficiary or tothe beneficiary's legal representative, if any. Upon termination of thebeneficiary's interest, the custodial trustee shall furnish a current statementto the person to whom the custodial trust property is to be delivered.

   (b) A beneficiary, the beneficiary's legal representative, anadult member of the beneficiary's family, a person interested in the custodialtrust property, or a person interested in the welfare of the beneficiary maypetition the court for an accounting by the custodial trustee or the custodialtrustee's legal representative.

   (c) A successor custodial trustee may petition the court foran accounting by a predecessor custodial trustee.

   (d) In an action or proceeding under this chapter or in anyother proceeding, the court may require or permit the custodial trustee or thecustodial trustee's legal representative to account. The custodial trustee orthe custodial trustee's legal representative may petition the court forapproval of final accounts.

   (e) If a custodial trustee is removed, the court shallrequire an accounting and order delivery of the custodial trust property andrecords to the successor custodial trustee and the execution of all instrumentsrequired for the transfer of the custodial trust property.

   (f) On petition of the custodial trustee or any person whocould petition for an accounting, the court, after notice to interestedpersons, may issue instructions to the custodial trustee or review thepropriety of the acts of a custodial trustee or the reasonableness ofcompensation determined by the custodial trustee for the services of thecustodial trustee or others.