Statute of limitations
Sec. 12. (Statute of Limitations)
Unless previously barred by adjudication, consent or limitation,
any right against a trustee for breach of trust shall be 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 right is commenced within three (3) years
after receipt of the 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 personal representative. The rights thus barred
do not include the rights to recover from a trustee for fraud,
misrepresentation or inadequate disclosure related to the settlement
of the trust.
(Formerly: Acts 1971, P.L.416, SEC.7.)
Last modified: May 27, 2006