Indiana Code 30-2-8.6-34. Compensation of custodial trustee
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Sec. 34. Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
(2) has a noncumulative election, to be made not later than six (6) months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
(1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
Terms Used In Indiana Code 30-2-8.6-34
- custodial trust property: means the following:
Indiana Code 30-2-8.6-7
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) need not furnish a bond or other security for the faithful performance of fiduciary duties.
As added by P.L.3-2003, SEC.1.