456.10-1005. Limitation of action against trustee. - Missouri Statutes

Limitation of action against trustee.

456.10-1005. 1. A beneficiary may not commence a proceeding againsta trustee for breach of trust more than one year after the last to occur ofthe date the beneficiary or a representative of the beneficiary was sent areport that adequately disclosed the existence of a potential claim forbreach of trust and the date the trustee informed the beneficiary of thetime allowed for commencing a proceeding with respect to any potentialclaim adequately disclosed on the report.

2. A report adequately discloses the existence of a potential claimfor breach of trust if it provides sufficient information so that thebeneficiary or representative knows of the potential claim or should haveinquired into its existence.

3. If subsection 1 of this section does not apply, a judicialproceeding by a beneficiary against a trustee for breach of trust must becommenced within five years after the first to occur of:

(1) the removal, resignation, or death of the trustee;

(2) the termination of the beneficiary's interest in the trust; or

(3) the termination of the trust.

(L. 2004 H.B. 1511)

Effective 1-01-05