RSA 564-B:10-1005 · Limitation of Action Against a Trustee by a Beneficiary

564-B:10-1005 Limitation of Action Against a Trustee by a Beneficiary. –

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(a)

A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.

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(b)

A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.

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(c)

If subsection (a) does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within 3 years after the first to occur of:

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(1)

The removal, resignation, or death of the trustee;

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(2)

The termination of the beneficiary's interest in the trust;

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(3)

The termination of the trust; or

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(4)

The date on which the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust.

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(d)

The periods of limitation under this section shall not be tolled for any reason, except by a written agreement of the trustees and qualified beneficiaries or a court order. Without limiting the circumstances under which a court may issue an order tolling the period of limitations, a court may issue an order tolling the period of limitations under this section during the pendency of any action described in RSA 564-B:10-1014(c)(3).

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(e)

[Repealed.]

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(f)

In the case of a claim against a deceased trustee for breach of trust, this section shall apply to the extent that the claim is not barred by a limitation period under RSA 556, RSA 564-B:5-508, or other applicable law.

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(g)

For purposes of determining whether, for purposes of this section, a trust has terminated or a beneficiary's interest in a trust has terminated, trust property excludes any claim against a trustee, trust advisor, or trust protector. Source. 2004, 130:1, eff. Oct. 1, 2004. 2011, 243:11, eff. Sept. 11, 2011. 2014, 195:39, II, eff. July 1, 2014. 2015, 272:54, eff. July 27, 2015.

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