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. History: 1978 Comp., § 45-7-515, enacted by Laws 1992, ch. 66, § 62.
New Mexico Legal Code