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Title XXVI TRADE AND COMMERCE

Chapter 404

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  404.071.  Accounting by and determination of liability of custodian — time limitations for minor bringing action. — 1.  A minor who has attained the age of fourteen years, the minor's legal representative, an adult member of the minor's family, a person interested in the welfare of the minor, a transferor, a transferor's legal representative, a successor custodian, or a person who designated the custodian, may petition the court for an accounting by the custodian or the custodian's legal representative.

  2.  In a proceeding under sections 404.005 to 404.094 of this act*, or in any other proceeding, or upon the petition of the custodian, the court may: (i) require or permit the custodian to account; (ii) authorize the custodian to enter into any transaction, or approve, ratify, confirm and validate any transaction entered into by the custodian, that the court finds is, was or will be beneficial to the minor and which the court has power to authorize for a conservator under chapter 475; and (iii) determine responsibility, as between custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under section 404.067.

  3.  If the custodian is removed under subsection 11 of section 404.057, the court may order an accounting, order delivery of the custodial property and records of the custodianship to the minor, a successor custodian or the minor's legal representative, and order the execution of all instruments required for the transfer of the custodial property.

  4.  Unless previously barred by adjudication, consent or limitations, any cause of action against a custodian for accounting or breach of duty shall be barred as to any minor who has received a final account or other statement fully disclosing the matter and showing termination of the custodianship for the minor unless a proceeding to assert the cause of action is commenced within two years after receipt of the final account or statement by a minor over eighteen years of age or, if the minor is under eighteen years, or is an incapacitated or deceased person, by the legal representative of the minor's estate; except that, if no final account or statement is provided by the custodian or if there is no legal representative of the minor's estate, then such cause of action shall not be barred until two years after the date the minor attains twenty-one years of age or the incapacity is removed, or one year after the minor's death.  The cause of action thus barred does not include any action to recover from a custodian for fraud, misrepresentation or concealment related to the final settlement of the custodianship, or concealment of the existence of the custodianship.

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(L. 1985 S.B. 35, et al. § 10, A.L. 1989 H.B. 145)

*"This act" (H.B. 145, 1989) contained numerous sections. Consult Disposition of Sections table for a definitive listing.


---- end of effective   28 Aug 1989 ----

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