Sec. 45a-177. (Formerly Sec. 45-268). Periodic rendering of accounts; hearing. Nature of account. Exceptions.
Sec. 45a-177. (Formerly Sec. 45-268). Periodic rendering of accounts; hearing.
Nature of account. Exceptions. (a) All conservators, guardians, persons appointed by
the Court of Probate to sell land of minors and trustees, including those entrusted with
testamentary trusts unless excused by the will creating the trust, shall render periodic
accounts of their trusts signed under penalty of false statement to the Court of Probate
having jurisdiction for allowance, at least once during each three-year period and more
frequently if required to do so by the will or trust instrument creating the trust. Periodic
accounts for filing only may be submitted to the court at any time during each three-year period. Upon receipt of a periodic account, the court shall cause notice of it and of
its availability for examination at the court to be given in such manner and to such parties
as it deems reasonable. Any such party may apply to the court for a hearing on the
account. If an application for such a hearing is not received by the court from a party
in interest within the time stated in the notice, the periodic account will be filed without
hearing thereon and without allowance or disallowance thereof, and shall not be recorded. At the end of each three-year period from the date of the last allowance of a
periodic account, or upon the earlier receipt of a final account, there shall be a hearing
on all periodic accounts not previously allowed, and the final account, if any, in accordance with sections 45a-178 and 45a-179.
(b) Each such periodic account shall include an inventory of the trust estate showing
fully how the principal of the fund is invested and the items of income and expenditure.
If there has been no change in the identity of the items comprising the principal of the fund
since the last account which has been accepted and approved, it shall not be necessary to
include an inventory of the trust estate.
(c) If the estate held by any person in any such fiduciary capacity is less than two
thousand dollars, or, in the case of a corporate fiduciary under the supervision of the
Banking Commissioner or any other fiduciary bonded by a surety company authorized
to do business in this state, ten thousand dollars, such fiduciary shall not be required to
render such account unless so ordered by the court.
(1949 Rev., S. 7052; 1961, P.A. 139; 1969, P.A. 209, S. 2; P.A. 77-430; 77-614, S. 161, 610; P.A. 80-476, S. 88; 80-482, S. 336, 348; P.A. 87-9, S. 2, 3; P.A. 99-84, S. 16; P.A. 03-84, S. 30.)
History: 1961 act specified that estates of less than $10,000 held by corporate fiduciaries under supervision of bank
commissioner or by other fiduciaries bonded by surety companies authorized to do business in state are not subject to
annual account requirement; 1969 act required that accounts be rendered "at least once during each three-year period"
rather than annually; P.A. 77-430 authorized more frequent filing if required by will or trust instrument and added provisions
re filing and hearing procedure for periodic accounts; P.A. 77-614 replaced bank commissioner with banking commissioner
within the department of business regulation and made banking department a division within that department, effective
January 1, 1979; P.A. 80-476 divided section into Subsecs. and rephrased provisions; P.A. 80-482 restored banking commissioner and division to prior independent status and abolished the department of business regulation; (Revisor's note:
Pursuant to P.A. 87-9 "banking commissioner" was changed editorially by the Revisors to "commissioner of banking");
Sec. 45-268 transferred to Sec. 45a-177 in 1991; P.A. 99-84 amended Subsec. (a) by deleting "under oath" and inserting
"signed under penalty of false statement"; P.A. 03-84 changed "Commissioner of Banking" to "Banking Commissioner"
in Subsec. (c), effective June 3, 2003.
Annotations to former section 45-268:
Court has control of trust until approval of final account and trustee's return of distribution. 92 C. 292. Final account
precedes distribution; erroneous order of distribution by court does not justify trustee's refusal to file final account; final
account means an account substantially up to date. Id. History of statute; how far court has power to construe a trust. 93
C. 405. Objection to acceptance of final account is a proper method of raising question of right of trustee to account for
property sold at inventory value instead of real value. 94 C. 373. Where there is a trust, there is no final distribution until
trust is terminated and trust fund distributed. 98 C. 478. Implicit that final account must be filed. 121 C. 391. Decree of
probate court, unappealed from, conclusive as to items within administration of estate. 126 C. 324. Cited. 131 C. 482.
Statutory jurisdiction of a probate court over ordinary annual accounts of testamentary trustees is at least concurrent with
that of the superior court as a court of equity. 147 C. 482. Cited. 148 C. 361; 155 C. 115, 120; Id., 417.
Cited. 12 CS 95.
Annotations to present section:
Cited. 45 CA 490.
Cited. 42 CS 548. Cited. 45 CS 368.