55-34.14 - Expenses, compensation, and bond of custodial trustee. - Virginia Statutes

§ 55-34.14. 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:

1. Is entitled to reimbursement from custodial trust property for reasonableexpenses incurred in the performance of fiduciary services;

2. Has a noncumulative election, to be made no later than six months afterthe end of each calendar year, to charge a reasonable compensation forfiduciary services performed during that year; and

3. Need not furnish a bond or other security for the faithful performance offiduciary duties.

(1990, c. 264.)