§554B-16  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 the custodial trust property is to be paid or
delivered, or the legal representative of an incapacitated or deceased
beneficiary or payee:



(1)  Who 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;
or



(2)  Who 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:



(1)  Is a minor, until the earlier of two years after:



(A)  Attaining majority; or



(B)  The claimant's death;



(2)  Is an incapacitated adult, until the earliest of
two years after:



(A)  The appointment of a conservator;



(B)  The removal of the incapacity; or



(C)  The death of the claimant; or



(3)  Was an adult, now deceased, who was not
incapacitated, until two years after death. [L 1989, c 76, pt of §1; am L 2004,
c 161, §36]



 



Revision Note



 



  In subsection (c), subparagraphs redesignated.