14-9116. Limitations of action against
custodial trustee
A. Except as provided in subsection C, unless previously barred by adjudication,
consent or limitation, a claim for relief against a custodial trustee for accounting or
breach of duty is barred as to a beneficiary, a person to whom custodial trust property
is to be paid or delivered or the legal representative of an incapacitated or deceased
beneficiary or payee who either:
1. Has received a final account or statement fully disclosing the matter unless an
action or proceeding to assert the claim is commenced within two years after receipt of
the final account or statement.
2. Has not received a final account or statement fully disclosing the matter unless
an action or proceeding to assert the claim is commenced within three years after the
termination of the custodial trust.
B. Except as provided in subsection C, a claim for relief to recover from a
custodial trustee for fraud, misrepresentation or concealment related to the final
settlement of the custodial trust or concealment of the existence of the custodial trust
is barred unless an action or proceeding to assert the claim is commenced within five
years after the termination of the custodial trust.
C. A claim for relief is not barred by this section if the claimant either:
1. Is a minor, until the earlier of two years after the claimant becomes an adult
or dies.
2. Is an incapacitated adult, until the earliest of two years after:
(a) The appointment of a conservator.
(b) The removal of the incapacity.
(c) The death of the claimant.
3. Was an adult, now deceased, who was not incapacitated, until two years after the
claimant's death.
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