§ 4-10-1005 — Limitation of action against fiduciary

(a) A beneficiary may not commence a proceeding against a
fiduciary for breach of trust more than two (2) years after the
date the beneficiary or a representative of the beneficiary
received 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.
(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.
(c) If subsection (a) of this section does not apply, a
judicial proceeding by a beneficiary against a fiduciary for
breach of trust shall be commenced within three (3) years after
the first of the following to occur:
(i) The removal, resignation or death of the
fiduciary;
(ii) The termination of the beneficiary's interest in
the trust; or
(iii) The termination of the trust.