(A) A custodian is entitled to reimbursement from the custodial property for his reasonable expenses incurred in the performance of his duties.
(B) A custodian may act without compensation for his services.
(C) Unless he is a donor, a custodian may receive from the custodial property reasonable compensation for his services determined by one of the following standards in the order stated:
(1) a direction by the donor when the gift is made;
(2) a statute of this State applicable to custodians;
(3) the statute of this State applicable to guardians and conservators;
(4) an order of the court.
(D) Except as otherwise provided in this article, a custodian shall not be required to give a bond for the performance of his duties.
(E) A custodian not compensated for his services is not liable for losses to the custodial property unless they result from his bad faith, intentional wrongdoing or gross negligence or from his failure to maintain the standard of prudence in investing the custodial property provided in this article.
HISTORY: 2008 Act No. 361, Section 2.
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