§ 33B-16. Limitations of action against custodial trustee. - North Carolina Statutes

§33B‑16.  Limitations of action against custodial trustee.

(a)        Except as providedin subsections (b) and (c) of this section, a claim for relief against acustodial trustee for accounting or breach of duty is barred as to abeneficiary, a person to whom custodial trust property is to be paid ordelivered, or the legal representative of an incapacitated or deceasedbeneficiary or payee:

(1)        Who has received afinal account or statement fully disclosing the matter unless an action orproceeding to assert the claim is commenced within two years after receipt ofthe final account or statement; or

(2)        Who has not receiveda final account or statement fully disclosing the matter unless an action orproceeding to assert the claim is commenced within three years after thetermination of the custodial trust.

(b)        Except as providedin subsection (c) of this section, a claim for relief to recover from acustodial trustee for fraud, misrepresentation, or concealment is barred unlessan action or proceeding to assert the claim is commenced within five yearsafter the termination of the custodial trust.

(c)        A claim for reliefis not barred by this section if the claimant:

(1)        Is a minor, untilthe earlier of two years after the claimant becomes an adult or dies;

(2)        Is an incapacitatedadult, until the earliest of two years after (i) the appointment of a guardianof the estate, (ii) the removal of the incapacity, or (iii) the death of theclaimant; or

(3)        Was an adult, nowdeceased, who was not incapacitated, until two years after the claimant's deathif the claim was not barred by adjudication, consent, or limitation prior tothe claimant's death. (1995, c. 486, s. 1.)