                                 CODE OF VIRGINIA

REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE; DETERMINATION OF LIABILITY (§
64.2-914)

A. 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&#8217;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&#8217;s legal representative, if any. Upon termination of the
beneficiary&#8217;s interest, the custodial trustee shall furnish a current
statement to the person to whom the custodial trust property is to be delivered.

B. A beneficiary, the beneficiary&#8217;s legal representative, an adult member
of the beneficiary&#8217;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&#8217;s legal representative.

C. A successor custodial trustee may petition the court for an accounting by a
predecessor custodial trustee.

D. 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.

E. 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&#8217;s legal representative to account. The custodial trustee or the
custodial trustee&#8217;s legal representative may petition the court for
approval of final accounts.

F. 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.

HISTORY: 1990, c. 264, § 55-34.15; 2012, c. 614.