Arizona Laws 14-7665. Custodian’s expenses, compensation and bond
Current as of: 2024 | Check for updates
|
Other versions
A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.
Terms Used In Arizona Laws 14-7665
- Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
- Transferor: means a person who makes a transfer pursuant to this article. See Arizona Laws 14-7651
B. Except for a person who is a transferor pursuant to section 14-7654, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
C. Except as provided in section 14-7668, subsection F, a custodian need not give a bond.