§ 18-13-16 Limitations of action againstcustodial trustee. – (a) Except as provided in subsection (c) of this section, unless previouslybarred by adjudication, consent, or limitation, 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 a final account or statement fullydisclosing the matter, unless an action or proceeding to assert the claim iscommenced within two (2) years after the receipt of the final account orstatement; or
(2) Who has not received a final account or statement fullydisclosing the matter, unless an action or proceeding to assert the claim iscommenced within three (3) years after the termination of the custodial trust.
(b) Except as provided in subsection (c) of this section, aclaim for relief to recover from a custodial trustee for fraud,misrepresentation, or concealment related to the final settlement of thecustodial trust or concealment of the existence of the custodial trust, isbarred unless an action or proceeding to assert the claim is commenced withinfive (5) years after the termination of the custodial trust.
(c) A claim for relief is not barred by this section if theclaimant:
(1) Is a minor, until the earlier of two (2) years after theclaimant becomes an adult or dies;
(2) Is an incapacitated adult, until the earliest of two (2)years after:
(i) The appointment 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 (2) years after the claimant's death.
§ 18-13-16 Limitations of action againstcustodial trustee. – (a) Except as provided in subsection (c) of this section, unless previouslybarred by adjudication, consent, or limitation, 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 a final account or statement fullydisclosing the matter, unless an action or proceeding to assert the claim iscommenced within two (2) years after the receipt of the final account orstatement; or
(2) Who has not received a final account or statement fullydisclosing the matter, unless an action or proceeding to assert the claim iscommenced within three (3) years after the termination of the custodial trust.
(b) Except as provided in subsection (c) of this section, aclaim for relief to recover from a custodial trustee for fraud,misrepresentation, or concealment related to the final settlement of thecustodial trust or concealment of the existence of the custodial trust, isbarred unless an action or proceeding to assert the claim is commenced withinfive (5) years after the termination of the custodial trust.
(c) A claim for relief is not barred by this section if theclaimant:
(1) Is a minor, until the earlier of two (2) years after theclaimant becomes an adult or dies;
(2) Is an incapacitated adult, until the earliest of two (2)years after:
(i) The appointment 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 (2) years after the claimant's death.
§ 18-13-16 Limitations of action againstcustodial trustee. – (a) Except as provided in subsection (c) of this section, unless previouslybarred by adjudication, consent, or limitation, 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 a final account or statement fullydisclosing the matter, unless an action or proceeding to assert the claim iscommenced within two (2) years after the receipt of the final account orstatement; or
(2) Who has not received a final account or statement fullydisclosing the matter, unless an action or proceeding to assert the claim iscommenced within three (3) years after the termination of the custodial trust.
(b) Except as provided in subsection (c) of this section, aclaim for relief to recover from a custodial trustee for fraud,misrepresentation, or concealment related to the final settlement of thecustodial trust or concealment of the existence of the custodial trust, isbarred unless an action or proceeding to assert the claim is commenced withinfive (5) years after the termination of the custodial trust.
(c) A claim for relief is not barred by this section if theclaimant:
(1) Is a minor, until the earlier of two (2) years after theclaimant becomes an adult or dies;
(2) Is an incapacitated adult, until the earliest of two (2)years after:
(i) The appointment 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 (2) years after the claimant's death.
