§ 18-B §1005 — Limitation of action against trustee

Maine § 18-B §1005

• Jurisdiction: Maine
• Title 18-B: TRUSTS
• Part 1: MAINE UNIFORM TRUST CODE
• Ch. 10: LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEE

Text

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.
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.
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:

Legislative History

PL 2003, c. 618, §A1 (NEW). PL 2003, c. 618, §A2 (AFF).