Section 1005 - Limitation of action against trustee1.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).]
2003, c. 618, §A1 (NEW) . 2003, c. 618, §A2 (AFF) .