Vt. Stat. Ann. tit. 14, § 3229
Accounting by and determination of liability of custodian
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
(1) A minor who has attained 14 years of age, the minor's financial guardian or legal representative, a guardian of the minor appointed pursuant to section 2628 or 2664 of this title, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court: for an accounting by the custodian or the custodian's legal representative; or
(1) A minor who has attained 14 years of age, the minor’s financial guardian or legal representative, a guardian of the minor appointed pursuant to section 2628 or 2664 of this title, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court: for an accounting by the custodian or the custodian’s legal representative; or
(2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 3227 of this title to which the minor, the minor's legal representative, or the minor's financial guardian was a party.
(2) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 3227 of this title to which the minor, the minor’s legal representative, or the minor’s financial guardian was a party.
(3) A successor custodian may petition the court for an accounting by the predecessor custodian.
(3) A successor custodian may petition the court for an accounting by the predecessor custodian.
(4) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
(4) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian’s legal representative to account.
(5) If a custodian is removed under subsection 3228(f) of this title, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. Added 2015, No. 7, § 1.
(5) If a custodian is removed under subsection 3228(f) of this title, the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
OFFICIAL COMMENT
This section carries forward Section 8 of the 1966 Act, but expands the class of parties who may require an accounting by the custodian to include any person who made a transfer to him or her (or any such person's legal representative), the minor's guardian of the person, and the successor custodian.
Subsection (b) authorizes but does not obligate a successor custodian to seek an accounting by the predecessor custodian. Since the minor and other persons mentioned in subsection (a) may also seek an accounting from the predecessor at any time, it is anticipated that the exercise of this right by the successor should be rare.
Subsection (a) also gives the same parties (other than a successor custodian) the right to seek recovery from the custodian for loss or diminution of custodial property resulting from successful claims by third persons under section 3227 of this chapter, unless that issue has already been adjudicated in an action under that section to which the minor was a party.
This section does not contain a separate statute of limitations precluding petitions for accounting after termination of the custodianship. Because custodianships can be created without the knowledge of the minor, a person might learn of a custodian's failure to turn over custodial property long after reaching majority, and should not be precluded from asserting his rights in the case of such fraud. In addition, the 1966 Act has no such preclusion and seems to have worked well. Other law, such as general statutes of limitation and the doctrine of laches, should serve adequately to protect former custodians from harassment.
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.