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The first part of this article discussed UTMA requirements, accounting and liability. The conclusion herein addresses attorneys' fees and sanctions.
Attorneys' Fees
Not only can custodians be held liable for misuse of custodial property, but some states have also assessed attorneys' fees. In Sartore v. Buder, 759 P.2d 785 (Colo. App.Ct. 1988) the children's custodial parent brought suit against the father for violation of fiduciary duty. The trial court awarded damages, including interest and attorneys' fees. A little over half of the assets were in publicly traded stock, and a little under half were in “penny stocks.” The “Blue Chip stocks” had both gains and losses; almost all of the penny stocks suffered huge losses. The statutory provision for care of custodial property is to do “as would a prudent person of discretion and intelligence who is seeking a responsible income and the preservation of his capital.” 760 ILCS 20/13(b).
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