(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.
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Terms Used In Alabama Code 35-5A-16

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(b) Except for one who is a transferor under Section gift or exercise of power of appointment” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”35″>35-5A-5, 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 subsection (f) of Section 35-5A-19, a custodian need not give a bond.