§1005. Limitation of action against trustee

Link to law: http://legislature.maine.gov/legis/statutes/18-B/title18-Bsec1005.html
Published: 2015

§1005. Limitation of action against trustee








1. Report; one-year limitation. 
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.


[
2003, c. 618, Pt. A, §1 (NEW);
2003, c. 618, Pt. A, §2 (AFF)
.]








2. Disclosure of potential claim. 
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.


[
2003, c. 618, Pt. A, §1 (NEW);
2003, c. 618, Pt. A, §2 (AFF)
.]








3. Six years. 
If subsection 1 does not apply, a judicial proceeding by a beneficiary against a
trustee for breach of trust must be commenced within 6 years after the first to occur
of:





A. The removal, resignation or death of the trustee; [2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF).]











B. The termination of the beneficiary's interest in the trust; and [2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF).]











C. The termination of the trust. [2003, c. 618, Pt. A, §1 (NEW); 2003, c. 618, Pt. A, §2 (AFF).]








[
2003, c. 618, Pt. A, §1 (NEW);
2003, c. 618, Pt. A, §2 (AFF)
.]





SECTION HISTORY

2003, c. 618, §A1 (NEW).
2003, c. 618, §A2 (AFF).
Read Entire Law on legislature.maine.gov