404.071. Accounting by and determination of liability of custodian--time limitations for minor bringing action. - Missouri Statutes

Accounting by and determination of liability of custodian--timelimitations for minor bringing action.

404.071. 1. A minor who has attained the age of fourteenyears, the minor's legal representative, an adult member of theminor's family, a person interested in the welfare of the minor,a transferor, a transferor's legal representative, a successorcustodian, or a person who designated the custodian, maypetition the court for an accounting by the custodian or thecustodian's legal representative.

2. In a proceeding under sections 404.005 to 404.094 ofthis act*, or in any other proceeding, or upon the petition ofthe custodian, the court may: (i) require or permit thecustodian to account; (ii) authorize the custodian to enter intoany transaction, or approve, ratify, confirm and validate anytransaction entered into by the custodian, that the court findsis, was or will be beneficial to the minor and which the courthas power to authorize for a conservator under chapter 475,RSMo; and (iii) determine responsibility, as between custodialproperty and the custodian personally, for claims against thecustodial property unless the responsibility has beenadjudicated in an action under section 404.067.

3. If the custodian is removed under subsection 11 ofsection 404.057, the court may order an accounting, orderdelivery of the custodial property and records of thecustodianship to the minor, a successor custodian or the minor'slegal representative, and order the execution of all instrumentsrequired for the transfer of the custodial property.

4. Unless previously barred by adjudication, consent orlimitations, any cause of action against a custodian foraccounting or breach of duty shall be barred as to any minor whohas received a final account or other statement fully disclosingthe matter and showing termination of the custodianship for theminor unless a proceeding to assert the cause of action iscommenced within two years after receipt of the final account orstatement by a minor over eighteen years of age or, if the minoris under eighteen years, or is an incapacitated or deceasedperson, by the legal representative of the minor's estate;except that, if no final account or statement is provided by thecustodian or if there is no legal representative of the minor'sestate, then such cause of action shall not be barred until twoyears after the date the minor attains twenty-one years of ageor the incapacity is removed, or one year after the minor'sdeath. The cause of action thus barred does not include anyaction to recover from a custodian for fraud, misrepresentationor concealment related to the final settlement of thecustodianship, or concealment of the existence of thecustodianship.

(L. 1985 S.B. 35, et al. § 10, A.L. 1989 H.B. 145)

*"This act" (H.B. 145, 1989) contains numerous sections. Consult Disposition of Sections table for definitive listing.