Chinks in the Armor

Chinks in the Armor

Three exceptions to the Uniform Trust Code’s 5-year ultimate repose provision suggest that a trustee may not be home free from liability

Section 1005(a) of the Uniform Trust Code (UTC) provides that once a trustee sends a trust beneficiary a report that “adequately discloses” the existence of a potential claim for breach of trust, the beneficiary has one year to commence a proceeding against the trustee for said breach of trust. The report must inform the beneficiary “of the time allowed for commencing a proceeding.” A literal reading of the section suggests t

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