{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/64.2-914.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/64.2-914.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/64.2-914.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/64.2-914.html"}],"law_id":67869,"edition_id":1,"section_id":67869,"structure_id":13564,"section_number":"64.2-914","catch_line":"Reporting and accounting by custodial trustee; determination of liability","history":"1990, c. 264, \u00a7 55-34.15; 2012, c. 614.","full_text":"A\n\nUpon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary’s legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements shall be provided to the beneficiary or to the beneficiary’s legal representative, if any. Upon termination of the beneficiary’s interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.B\n\nA beneficiary, the beneficiary’s legal representative, an adult member of the beneficiary’s family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee’s legal representative.C\n\nA successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.D\n\nIf a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.E\n\nIn an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee’s legal representative to account. The custodial trustee or the custodial trustee’s legal representative may petition the court for approval of final accounts.F\n\nOn petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.","order_by":null,"text":{"0":{"id":245796,"text":"Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upon request at reasonable times by the beneficiary or the beneficiary’s legal representative, (iii) upon resignation or removal of the custodial trustee, and (iv) upon termination of the custodial trust. The statements shall be provided to the beneficiary or to the beneficiary’s legal representative, if any. Upon termination of the beneficiary’s interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":245797,"text":"A beneficiary, the beneficiary’s legal representative, an adult member of the beneficiary’s family, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee’s legal representative.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":245798,"text":"A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":245799,"text":"If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":245800,"text":"In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee’s legal representative to account. The custodial trustee or the custodial trustee’s legal representative may petition the court for approval of final accounts.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":245801,"text":"On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13564,"edition_id":1,"name":"Uniform Custodial Trust Act","identifier":"9","label":"chapter","depth":3,"order_by":1,"parent_id":12724,"metadata":{},"date_created":"2026-06-26 03:45:15","date_modified":"2026-06-26 03:45:15","permalink":{"id":274735,"object_type":"structure","relational_id":13564,"identifier":"9","token":"64.2\/III\/9","url":"\/64.2\/III\/9\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12724,"edition_id":1,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12723,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":273811,"object_type":"structure","relational_id":12724,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12723,"edition_id":1,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":272781,"object_type":"structure","relational_id":12723,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":66999,"structure_id":13564,"section_number":"64.2-900","catch_line":"Definitions","url":"\/64.2-900\/","token":"64.2\/III\/9\/64.2-900","metadata":false},{"id":57024,"structure_id":13564,"section_number":"64.2-901","catch_line":"Custodial trust; creation and termination; general provisions","url":"\/64.2-901\/","token":"64.2\/III\/9\/64.2-901","metadata":false},{"id":74644,"structure_id":13564,"section_number":"64.2-902","catch_line":"Custodial trustee for future payment or transfer","url":"\/64.2-902\/","token":"64.2\/III\/9\/64.2-902","metadata":false},{"id":58164,"structure_id":13564,"section_number":"64.2-903","catch_line":"Form and effect of receipt and acceptance by custodial trustee; jurisdiction","url":"\/64.2-903\/","token":"64.2\/III\/9\/64.2-903","metadata":false},{"id":77892,"structure_id":13564,"section_number":"64.2-904","catch_line":"Transfer to custodial trustee by fiduciary or obligor; facility of payment","url":"\/64.2-904\/","token":"64.2\/III\/9\/64.2-904","metadata":false},{"id":68669,"structure_id":13564,"section_number":"64.2-905","catch_line":"Multiple beneficiaries; separate custodial trusts; survivorship","url":"\/64.2-905\/","token":"64.2\/III\/9\/64.2-905","metadata":false},{"id":64170,"structure_id":13564,"section_number":"64.2-906","catch_line":"General duties of custodial trustee","url":"\/64.2-906\/","token":"64.2\/III\/9\/64.2-906","metadata":false},{"id":73358,"structure_id":13564,"section_number":"64.2-907","catch_line":"General powers of custodial trustee","url":"\/64.2-907\/","token":"64.2\/III\/9\/64.2-907","metadata":false},{"id":54526,"structure_id":13564,"section_number":"64.2-908","catch_line":"Use of custodial trust property","url":"\/64.2-908\/","token":"64.2\/III\/9\/64.2-908","metadata":false},{"id":68505,"structure_id":13564,"section_number":"64.2-909","catch_line":"Determination of incapacity; effect","url":"\/64.2-909\/","token":"64.2\/III\/9\/64.2-909","metadata":false},{"id":85961,"structure_id":13564,"section_number":"64.2-910","catch_line":"Exemption of third person from liability","url":"\/64.2-910\/","token":"64.2\/III\/9\/64.2-910","metadata":false},{"id":60757,"structure_id":13564,"section_number":"64.2-911","catch_line":"Liability to third person; exceptions","url":"\/64.2-911\/","token":"64.2\/III\/9\/64.2-911","metadata":false},{"id":84334,"structure_id":13564,"section_number":"64.2-912","catch_line":"Declination, resignation, incapacity, death, or removal of custodial trustee; designation of successor","url":"\/64.2-912\/","token":"64.2\/III\/9\/64.2-912","metadata":false},{"id":68794,"structure_id":13564,"section_number":"64.2-913","catch_line":"Expenses, compensation, and bond of custodial trustee","url":"\/64.2-913\/","token":"64.2\/III\/9\/64.2-913","metadata":false},{"id":67869,"structure_id":13564,"section_number":"64.2-914","catch_line":"Reporting and accounting by custodial trustee; determination of liability","url":"\/64.2-914\/","token":"64.2\/III\/9\/64.2-914","metadata":false},{"id":61760,"structure_id":13564,"section_number":"64.2-915","catch_line":"Limitations of action against custodial trustee","url":"\/64.2-915\/","token":"64.2\/III\/9\/64.2-915","metadata":false},{"id":58406,"structure_id":13564,"section_number":"64.2-916","catch_line":"Distribution on termination","url":"\/64.2-916\/","token":"64.2\/III\/9\/64.2-916","metadata":false},{"id":75814,"structure_id":13564,"section_number":"64.2-917","catch_line":"Methods and forms for creating custodial trusts","url":"\/64.2-917\/","token":"64.2\/III\/9\/64.2-917","metadata":false},{"id":71807,"structure_id":13564,"section_number":"64.2-918","catch_line":"Applicable law","url":"\/64.2-918\/","token":"64.2\/III\/9\/64.2-918","metadata":false}],"previous_section":{"id":68794,"structure_id":13564,"section_number":"64.2-913","catch_line":"Expenses, compensation, and bond of custodial trustee","url":"\/64.2-913\/","token":"64.2\/III\/9\/64.2-913","metadata":false},"next_section":{"id":61760,"structure_id":13564,"section_number":"64.2-915","catch_line":"Limitations of action against custodial trustee","url":"\/64.2-915\/","token":"64.2\/III\/9\/64.2-915","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-914\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 264 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2012, chapter 614<\/a>.<\/p>","references":[{"id":68669,"section_number":"64.2-905","catch_line":"Multiple beneficiaries; separate custodial trusts; survivorship","order_by":null,"url":"\/64.2-905\/"}],"refers_to":false,"permalink":{"id":274793,"object_type":"law","relational_id":67869,"identifier":"64.2-914","token":"64.2\/III\/9\/64.2-914","url":"\/64.2-914\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/64.2-914\/","token":"64.2\/III\/9\/64.2-914","dublin_core":{"Title":"Reporting and accounting by custodial trustee; determination of liability","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-914","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Upon the acceptance of custodial trust property<\/span>, the custodial trustee<\/span> shall provide a written statement describing the custodial trust property<\/span> and shall thereafter provide a written statement of the administration of the custodial trust property<\/span> (i) once each year, (ii) upon request at reasonable times by the beneficiary<\/span> or the beneficiary<\/span>’s legal representative<\/span>, (iii) upon resignation or removal of the custodial trustee<\/span>, and (iv) upon termination of the custodial trust. The statements shall be provided to the beneficiary<\/span> or to the beneficiary<\/span>’s legal representative<\/span>, if any. Upon termination of the beneficiary<\/span>’s interest, the custodial trustee<\/span> shall furnish a current statement to the person<\/span> to whom the custodial trust property<\/span> is to be delivered. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A beneficiary<\/span>, the beneficiary<\/span>’s legal representative<\/span>, an adult<\/span> member of the beneficiary<\/span>’s family, a person<\/span> interested in the custodial trust property<\/span>, or a person<\/span> interested in the welfare of the beneficiary<\/span> may petition<\/span> the court<\/span> for an accounting by the custodial trustee<\/span> or the custodial trustee<\/span>’s legal representative<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A successor custodial trustee<\/span> may petition<\/span> the court<\/span> for an accounting by a predecessor custodial trustee<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> If a custodial trustee<\/span> is removed, the court<\/span> shall require an accounting and order<\/span> delivery of the custodial trust property<\/span> and records to the successor custodial trustee<\/span> and the execution of all instruments required for transfer of the custodial trust property<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In an action or proceeding under this chapter or in any other proceeding, the court<\/span> may require or permit the custodial trustee<\/span> or the custodial trustee<\/span>’s legal representative<\/span> to account. The custodial trustee<\/span> or the custodial trustee<\/span>’s legal representative<\/span> may petition<\/span> the court<\/span> for approval of final accounts. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> On petition<\/span> of the custodial trustee<\/span> or any person<\/span> who could petition<\/span> for an accounting, the court<\/span>, after notice to interested persons<\/span>, may issue<\/span> instructions to the custodial trustee<\/span> or review the propriety of the acts of a custodial trustee<\/span> or the reasonableness of compensation determined by the custodial trustee<\/span> for the services of the custodial trustee<\/span> or others. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nREPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE; DETERMINATION OF LIABILITY (\u00a7\n64.2-914)\n\nA. Upon the acceptance of custodial trust property, the custodial trustee shall\nprovide a written statement describing the custodial trust property and shall\nthereafter provide a written statement of the administration of the custodial\ntrust property (i) once each year, (ii) upon request at reasonable times by the\nbeneficiary or the beneficiary’s legal representative, (iii) upon\nresignation or removal of the custodial trustee, and (iv) upon termination of\nthe custodial trust. The statements shall be provided to the beneficiary or to\nthe beneficiary’s legal representative, if any. Upon termination of the\nbeneficiary’s interest, the custodial trustee shall furnish a current\nstatement to the person to whom the custodial trust property is to be delivered.\n\nB. A beneficiary, the beneficiary’s legal representative, an adult member\nof the beneficiary’s family, a person interested in the custodial trust\nproperty, or a person interested in the welfare of the beneficiary may petition\nthe court for an accounting by the custodial trustee or the custodial\ntrustee’s legal representative.\n\nC. A successor custodial trustee may petition the court for an accounting by a\npredecessor custodial trustee.\n\nD. If a custodial trustee is removed, the court shall require an accounting and\norder delivery of the custodial trust property and records to the successor\ncustodial trustee and the execution of all instruments required for transfer of\nthe custodial trust property.\n\nE. In an action or proceeding under this chapter or in any other proceeding, the\ncourt may require or permit the custodial trustee or the custodial\ntrustee’s legal representative to account. The custodial trustee or the\ncustodial trustee’s legal representative may petition the court for\napproval of final accounts.\n\nF. On petition of the custodial trustee or any person who could petition for an\naccounting, the court, after notice to interested persons, may issue\ninstructions to the custodial trustee or review the propriety of the acts of a\ncustodial trustee or the reasonableness of compensation determined by the\ncustodial trustee for the services of the custodial trustee or others.\n\nHISTORY: 1990, c. 264, \u00a7 55-34.15; 2012, c. 614.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}