55-34.16 - Limitations of action against custodial trustee. - Virginia Statutes

§ 55-34.16. Limitations of action against custodial trustee.

Except as otherwise provided in this section, unless previously barred byadjudication, consent, or limitation, a claim for relief against a custodialtrustee for accounting or breach of duty is barred as to a beneficiary, aperson to whom custodial trust property is to be paid or delivered, or thelegal representative of an incapacitated or deceased beneficiary or payee who(i) has received a final account or statement fully disclosing the matterunless an action or proceeding to assert the claim is commenced within twoyears after receipt of the final account or statement, or (ii) has notreceived a final account or statement fully disclosing the matter unless anaction or proceeding to assert the claim is commenced within three yearsafter the termination of the custodial trust.

Except as otherwise provided in this section, a claim for relief to recoverfrom a custodial trustee for fraud, misrepresentation, or concealment relatedto the final settlement of the custodial trust or concealment of theexistence of the custodial trust, is barred unless an action or proceeding toassert the claim is commenced within five years after the termination of thecustodial trust.

A claim for relief is not barred by this section if the claimant:

1. Is a minor, until the earlier of two years after the claimant becomes anadult or dies;

2. Is an incapacitated adult, until the earliest of two years after (i) theappointment of a conservator, (ii) the removal of the incapacity, or (iii)the death of the claimant; or

3. Was an adult, now deceased, who was not incapacitated, until two yearsafter the claimant's death.

(1990, c. 264.)