Sec. 36. (a) Except as provided in subsection (c), and unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:

(1) who has received a final account or statement fully disclosing the matter, unless an action or proceeding to assert the claim is commenced not later than two (2) years after receipt of the final account or statement; or

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Terms Used In Indiana Code 30-2-8.6-36

  • adult: means an individual who is at least eighteen (18) years of age. See Indiana Code 30-2-8.6-5
  • beneficiary: means an individual for whom property:

    Indiana Code 30-2-8.6-6

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • custodial trust property: means the following:

    Indiana Code 30-2-8.6-7

  • custodial trustee: means a person designated as:

    Indiana Code 30-2-8.6-8

  • Fraud: Intentional deception resulting in injury to another.
  • incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
  • legal representative: means a personal representative or guardian. See Indiana Code 30-2-8.6-11
  • minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
  • person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Indiana Code 30-2-8.6-13
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.
(2) who has not received a final account or statement fully disclosing the matter, unless an action or proceeding to assert the claim is commenced not later than three (3) years after the termination of the custodial trust.

     (b) Except as provided in subsection (c), a claim for relief to recover from a custodial trustee for fraud, misrepresentation, or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust is barred unless an action or proceeding to assert the claim is commenced not later than five (5) years after the termination of the custodial trust.

     (c) The limitations on a claim for relief are as follows:

(1) If the claimant is a minor, the claim is barred unless an action or proceeding to assert the claim is commenced before the earlier of the following:

(A) Two (2) years after the claimant becomes an adult.

(B) Two (2) years after the claimant dies.

(2) If the claimant is an incapacitated adult, the claim is barred unless an action or proceeding to assert the claim is commenced before the earliest of the following:

(A) Two (2) years after the appointment of a guardian for claimant.

(B) Two (2) years after the removal of the incapacity.

(C) Two (2) years after the death of the claimant.

(3) If the claimant:

(A) was an adult;

(B) is deceased; and

(C) was not incapacitated;

the claim is barred unless an action or proceeding to assert the claim is commenced not later than two (2) years after the claimant’s death.

As added by P.L.3-2003, SEC.1.

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