469.409. Bar on claim of breach of fiduciary duty, when--applicable rules.
Bar on claim of breach of fiduciary duty, when--applicable rules.
469.409. 1. Any claim for breach of a trustee's duty to impartiallyadminister a trust related, directly or indirectly, to an adjustment madeby a fiduciary to the allocation between principal and income pursuant tosubsection 1 of section 469.405 or any allocation made by the fiduciarypursuant to any authority or discretion specified in subsection 1 ofsection 469.403, unless previously barred by adjudication, consent or otherlimitation, shall be barred as provided in this section.
(1) Any such claim brought by a qualified beneficiary is barred ifnot asserted in a judicial proceeding commenced within two years after thetrustee has sent a report to that qualified beneficiary that adequatelydiscloses the facts constituting the claim.
(2) Any such claim brought by a beneficiary (other than a qualifiedbeneficiary) with any interest whatsoever in the trust, no matter howremote or contingent, or whether or not the beneficiary is ascertainable orhas the capacity to contract, is barred if not asserted in a judicialproceeding commenced within two years after the first to occur of:
(a) The date the trustee sent a report to all qualified beneficiariesthat adequately discloses the facts constituting the claim; or
(b) The date the trustee sent a report to a person that representsthe beneficiary under the provisions of subdivision (2) of subsection 2 ofthis section.
2. For purposes of this section the following rules shall apply:
(1) A report adequately discloses the facts constituting a claim ifit provides sufficient information so that the beneficiary should know ofthe claim or reasonably should have inquired into its existence;
(2) Section 469.402 shall apply in determining whether a beneficiary(including a qualified beneficiary) has received notice for purposes ofthis section;
(3) The determination of the identity of all qualified beneficiariesshall be made on the date the report is deemed to have been sent; and
(4) This section does not preclude an action to recover for fraud ormisrepresentation related to the report.
(L. 2001 H.B. 241, A.L. 2004 H.B. 1511)