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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 60. Uniform Custodial Trust Act
- Section 150. Limitations of Action Against Custodial Trustee.
previous: Section 140
. Reporting and Accounting By Custodial Trustee; Determination of Liability of Custodial Trustee.
next: Section 160
. Distribution and Termination.
AS 13.60.150. Limitations of Action Against Custodial Trustee.
- (a) Except as provided in (c) of this section, 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, if the person, beneficiary, or legal representative
- (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; or
- (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 (c) of this section, 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
- (1) if the claimant is a minor, until the earlier of two years after the claimant becomes an adult or dies;
- (2) if the claimant is an incapacitated adult, until the earliest of two years after
- (A) the appointment of a conservator;
- (B) the removal of the incapacity; or
- (C) the death of the claimant; or
- (3) until two years after the claimant's death, if the claimant was an adult, who is now deceased and who was not
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