Section 404.580

Title XXVI TRADE AND COMMERCE

Chapter 404

Effective - 28 Aug 1986   

  404.580.  Compensation and expenses of custodian — bond required, when — custodian's claims not lien on custodial property. — 1.  Subject to any written agreement with the beneficiary, a personal custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the personal custodian's duties.

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

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

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

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(L. 1986 S.B. 651 § 7)