(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: (1) once
each year, (2) upon request, at reasonable times, by the beneficiary or the beneficiary's
legal representative, (3) upon resignation or removal of the custodial trustee, and
(4) upon termination of the custodial trust. The statements must 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) 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.
(c) A successor custodial trustee may petition the court for an accounting by a predecessor
(d) 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.
(e) 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 the transfer of the custodial trust
(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.
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