Arizona Laws 14-9116. Limitations of action against custodial trustee
A. Except as provided in subsection C, 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 who either:
Terms Used In Arizona Laws 14-9116
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
- Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
- 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
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
- Fraud: Intentional deception resulting in injury to another.
- Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
- Legal representative: means a personal representative or conservator. See Arizona Laws 14-9101
- Minor: means a person who is under eighteen years of age. See Arizona Laws 14-1201
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- 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.
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
1. Has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement.
2. Has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three 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 within five years after the termination of the custodial trust.
C. A claim for relief is not barred by this section if the claimant either:
1. Is a minor, until the earlier of two years after the claimant becomes an adult or dies.
2. Is an incapacitated adult, until the earliest of two years after:
(a) The appointment of a conservator.
(b) The removal of the incapacity.
(c) The death of the claimant.
3. Was an adult, now deceased, who was not incapacitated, until two years after the claimant’s death.