Claim against custodial trustee's claim barred against other parties
Sec. 36. (a) Except as provided in subsection (c), and 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:
(1) who has received a final account or statement fully
disclosing the matter, unless an action or proceeding to assert
the claim is commenced not later than two (2) 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 not later than three (3) 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 not later than
five (5) years after the termination of the custodial trust.
(c) The limitations on a claim for relief are as follows:
(1) If the claimant is a minor, the claim is barred unless an
action or proceeding to assert the claim is commenced before
the earlier of the following:
(A) Two (2) years after the claimant becomes an adult.
(B) Two (2) years after the claimant dies.
(2) If the claimant is an incapacitated adult, the claim is barred
unless an action or proceeding to assert the claim is commenced
before the earliest of the following:
(A) Two (2) years after the appointment of a guardian for
claimant.
(B) Two (2) years after the removal of the incapacity.
(C) Two (2) years after the death of the claimant.
(3) If the claimant:
(A) was an adult;
(B) is deceased; and
(C) was not incapacitated;
the claim is barred unless an action or proceeding to assert the
claim is commenced not later than two (2) years after the
claimant's death.
As added by P.L.3-2003, SEC.1.
Last modified: May 27, 2006