(a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date on which the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.
(b) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.
(c) If subsection (a) of this section does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust shall be commenced not later than three years after the first to occur of: (1) The removal, resignation or death of the trustee; (2) the termination of the beneficiary's interest in the trust; or (3) the termination of the trust.
(d) In a proceeding involving a charitable trust, any notice that is required to be given to the Attorney General shall include a copy of the trust instrument.
(e) The provisions of this section do not apply to testamentary trusts.
(P.A. 19-137, S. 70.)
History: P.A. 19-137 effective January 1, 2020.