![]() ![]() For the purpose of paragraph 1 of this subsection, a beneficiary is deemed to have received a report or other statement:Ī.in the case of an adult, if it is received by the adult personally, or if the adult lacks capacity, if it is received by the adult’s conservator, guardian, or agent with authority, orī.in the case of a minor, if it is received by the minor’s guardian or conservator or, if the minor does not have a guardian or conservator, if it is received by a parent of the minor who does not have a conflict of interest.ģ. A claim this barred does not include an action to recover for fraud or misrepresentation related to the report or other statement.Ģ. Unless previously barred by adjudication, consent, or other limitation, a claim against a trustee for breach of trust is barred as to a beneficiary who has received from the trustee a report or other statement adequately disclosing the existence of the claim unless:Ī.a judicial proceeding to assert the claim is commenced within two (2) years after receipt of the report or statement or, if no report or statement is received, within two (2) years after the termination of the trust relationship between the beneficiary and that particular trustee, andī.the report or other statement informs the beneficiary of this time limitation.Ī report or statement adequately discloses the existence of a claim if it provides sufficient information so that the beneficiary knows of the claim or reasonably should have inquired into its existence. In a judicial proceeding involving a trust, the court may in its discretion, as justice and equity may require, award costs and expenses, including reasonable attorney's fees, to any party, to be paid by another party or from the trust which is the subject of the controversy.Į. A beneficiary may charge a trustee who commits a breach of trust with the amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred, or, if greater, the profit that the trustee made by reason of the breach.ĭ. Subject to subsection I of this section, void an act of the trustee, impose an equitable lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds orĬ. Reduce or deny compensation to the trustee Ĩ. Appoint a receiver or temporary trustee to take possession of the trust property and administer the trust ħ. Compel the trustee to redress a breach of trust by payment of money or otherwise ĥ. Enjoin the trustee from committing a breach of trust ģ. Compel the trustee to perform the trustee’s duties Ģ. To remedy a breach of trust that has occurred or may occur, the court may:ġ. A violation by a trustee of a duty the trustee owes a beneficiary is a breach of trust.ī.
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