§ 64.2-913 Expenses, compensation, and bond of custodial trustee
Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
2. Has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
3. Need not furnish a bond or other security for the faithful performance of fiduciary duties.
History
This law was first created in 1990. The record of its establishment is cataloged in chapter 264 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2012, chapter 614.
1990, c. 264, § 55-34.14; 2012, c. 614.