2017 Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 5 - Fiduciary Relationships
Chapter 73 - Arkansas Trust Code
Subchapter 10 - Liability of Trustees and Rights of Persons Dealing With Trustees
§ 28-73-1005. Limitation of action against trustee

Universal Citation: AR Code § 28-73-1005 (2017)
  • (a) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one (1) year after the date the beneficiary or a representative of the beneficiary was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding.
  • (b) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the beneficiary or representative knows of the potential claim or should have inquired into its existence.
  • (c) If subsection (a) does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within five (5) years after the first to occur of:
    • (1) the removal, resignation, or death of the trustee;
    • (2) the termination of the beneficiary's interest in the trust; or
    • (3) the termination of the trust.
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