Rhode Island General Laws 18-7-16. Custodian’s expenses, compensation, and bond
(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 Rhode Island General Laws 18-7-16
- Custodial property: means :
(i) Any interest in property transferred to a custodian under this chapter; and
(ii) The income from and proceeds of that interest in property. See Rhode Island General Laws 18-7-2
- Custodian: means a person designated under § 18-7-10 or a successor or substitute custodian designated under § 18-7-19. See Rhode Island General Laws 18-7-2
- Transferor: means a person who makes a transfer under this chapter. See Rhode Island General Laws 18-7-2
(b) Except for one who is a transferor under § 18-7-5, 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 § 18-7-19(f), a custodian need not give a bond.
History of Section.
P.L. 1985, ch. 389, § 2.