2011 New Mexico Statutes
Chapter 45: Uniform Probate Code
Article 7: Trust Administration, 45-7-101 through 45-7-612
Section 45-7-515: Expenses, compensation and bond of custodial trustee.
45-7-515. 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:
A. is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
B. 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
C. need not furnish a bond or other security for the faithful performance of fiduciary duties.
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