Section 469.409

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 469

Effective - 28 Aug 2001, 2 histories, see footnote   (history) 

  469.409.  Bar on claim of breach of fiduciary duty, when — applicable rules. — 1. Any claim for breach of a trustee's duty to impartially administer a trust related, directly or indirectly, to an adjustment made by a fiduciary to the allocation between principal and income pursuant to subsection 1 of section 469.405 or any allocation made by the fiduciary pursuant to any authority or discretion specified in subsection 1 of section 469.403, unless previously barred by adjudication, consent or other limitation, shall be barred as provided in this section. Any such claim is barred if not asserted in a judicial proceeding brought by any beneficiary with any interest whatsoever in the trust, no matter how remote or contingent, or whether or not the beneficiary is ascertainable or has the capacity to contract, within two years after the trustee has sent a report to all qualified beneficiaries that adequately discloses the facts constituting the claim.

  2. For purposes of this section the following rules shall apply:

  (1) A report adequately discloses the facts constituting a claim if it provides sufficient information so that the beneficiary should know of the claim or reasonably should have inquired into its existence;

  (2) A qualified beneficiary is deemed to have been sent a report if:

  (a) In the case of a qualified beneficiary who has the capacity to contract, the report is either delivered personally to the beneficiary or sent to the beneficiary at the beneficiary's last known address;

  (b) In the case of a qualified beneficiary who lacks the capacity to contract, the report is either hand delivered to a person with respect to whom pursuant to subdivision (2) of section 472.300, RSMo, an order would bind that beneficiary with respect to the subject of the claim or sent to the person at that person's last known address, provided that there is no conflict of interest between that person and the qualified beneficiary that person is representing;

  (3) The determination of the identity of all qualified beneficiaries shall be made on the date the report is deemed to have been sent; and

  (4) This section does not preclude an action to recover for fraud or misrepresentation related to the report.

­­--------

(L. 2001 H.B. 241)