Section 404.054

Title XXVI TRADE AND COMMERCE

Chapter 404

Effective - 28 Aug 1985   

  404.054.  Compensation and expenses of custodian — bond required, when — custodian's claims not lien on custodial property. — 1.  A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.

  2.  A custodian who is not a donor may each year elect to receive from the custodial property reasonable compensation for services as custodian.  If an election is not affirmatively made during the calendar year, the right to compensation for that year shall lapse.

  3.  A custodian is not required to give a bond for the performance of the custodian's duties unless required by court order.

  4.  No claim of a custodian for expenses or compensation shall constitute a claim or lien on custodial property transferred by the custodian to a third person or to the minor.

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(L. 1985 S.B. 35, et al. § 6)