Louisiana Revised Statutes 9:2260.8 – General powers of custodial trustee
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Terms Used In Louisiana Revised Statutes 9:2260.8
- Adult: means an individual who has attained the age of eighteen years. See Louisiana Revised Statutes 9:2260.1
- Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this Chapter and the income from and proceeds of that interest. See Louisiana Revised Statutes 9:2260.1
- Custodial trustee: means a person designated as trustee of a custodial trust under this Chapter or a substitute or successor to the person designated. See Louisiana Revised Statutes 9:2260.1
- Fiduciary: A trustee, executor, or administrator.
- Trustee: A person or institution holding and administering property in trust.
A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.
B. This Section does not relieve a custodial trustee from liability for a violation of La. Rev. Stat. 9:2260.7.
Acts 1995, No. 655, §1, eff. Jan. 1, 1998.