404.620. Accounting by custodian, approval by court, waiver--determination of liability of custodian--time limitations for beneficiary to bring actions.

MISSOURI STATUTES AND CODES

404.620. Accounting by custodian, approval by court, waiver--determination of liability of custodian--time limitations for beneficiary to bring actions.

Accounting by custodian, approval by court, waiver--determination ofliability of custodian--time limitations for beneficiary to bringactions.

404.620. 1. The beneficiary, the legal representative of anincapacitated or deceased beneficiary, a successor personalcustodian, an adult member of an incapacitated beneficiary'sfamily or any interested person, including any person interestedin the welfare of the beneficiary, may petition the court for anaccounting by the personal custodian or the personal custodian'slegal representative.

2. Any requirement for an accounting may be waived or anaccounting may be approved by the court without hearing, if theaccounting is waived or approved by a beneficiary who is notdisabled, or by a beneficiary whose legal capacity has beenrestored, or by all creditors and distributees of a deceasedbeneficiary's estate whose claims or distributions theretoforehave not been satisfied in full. The approval or waiver shall bein writing, signed by the affected persons and filed with thecourt.

3. For the purposes of subsection 2 of this section, a legalrepresentative or a person providing services to thebeneficiary's estate shall not be considered a creditor of thebeneficiary's estate; and no express approval or waiver shall berequired from the legal representative of a disabled orincapacitated beneficiary if the beneficiary's legal capacity hasbeen restored, or from the personal representative of a deceasedbeneficiary's estate, or from any other person entitled tocompensation or expense for services rendered to a disabled,incapacitated or deceased beneficiary's estate, unless thebeneficiary or the beneficiary's estate is unable to pay in fullthe compensation and expense to which the person rendering theservices may be entitled.

4. In a proceeding under sections 404.400 to 404.650, or inany other proceeding, or upon the petition of the personalcustodian, the court may: (i) require or permit the personalcustodian to account; (ii) authorize the personal custodian toenter into any transaction, or approve, ratify, confirm andvalidate any transaction entered into by the personal custodian,that the court finds is, was or will be beneficial to thebeneficiary and which the court has power to authorize for aconservator under chapter 475, RSMo; and (iii) determineresponsibility, as between custodial property and the personalcustodian personally, for claims against custodial propertyunless the responsibility has been adjudicated in an action undersection 404.610.

5. If the personal custodian is removed under subsection 9of section 404.590, the court may order an accounting, orderdelivery of the custodial property and records of the personalcustodianship to the beneficiary, a successor personal custodianor the beneficiary's legal representative, and order theexecution of all instruments required for the transfer of thecustodial property.

6. Unless previously barred by adjudication, consent orlimitations, any cause of action against a personal custodian foraccounting or breach of duty shall be barred as to anybeneficiary who has received a final account or other statementfully disclosing the matter and showing termination of thepersonal custodianship for the beneficiary unless a proceeding toassert the cause of action is commenced within two years afterreceipt of the final account or statement by the beneficiary or,if the beneficiary is an incapacitated or deceased person, by thelegal representative of the beneficiary's estate; except that, ifno final account or statement is provided by the personalcustodian or if there is no legal representative of thebeneficiary's estate, then such cause of action shall not bebarred until two years after the removal of the beneficiary'slegal disability or one year after the beneficiary's death. Thecause of action thus barred does not include any action torecover from the personal custodian for fraud, misrepresentationor concealment related to the final settlement of the personalcustodianship, or concealment of the existence of the personalcustodianship.