TITLE 15

UNIFORM PROBATE CODE

CHAPTER 7

TRUST ADMINISTRATION

PART 3.

DUTIES AND LIABILITIES OF TRUSTEES

15-7-307.  Limitations on proceedings against trustees after final account. Unless previously barred by adjudication, consent or limitation, any claim against a trustee for breach of trust is barred as to any beneficiary who has received a final account or other statement fully disclosing the matter and showing termination of the trust relationship between the trustee and the beneficiary unless a proceeding to assert the claim is commenced within six (6) months after receipt of the final account or statement. In any event and notwithstanding lack of full disclosure a trustee who has issued a final account or statement received by the beneficiary and has informed the beneficiary of the location and availability of records for his examination is protected after three (3) years. A beneficiary is deemed to have received a final account or statement if, being an adult, it is received by him personally or if, being a minor or disabled person, it is received by his representative as described in subsections (a)(1) and (2)[(a) and (b)] of section 15-1-403 of this code.

History:

[I.C., sec. 15-7-307, as added by 1971, ch. 111, sec. 1, p. 233.]