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28-76-113. Limitation of action against trust director. [Effective January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
28-76-113. Limitation of action against trust director. [Effective January 1, 2020.]
(a) An action against a trust director for breach of trust must be commenced within the same limitation period as under § 28-73-1005 for an action for breach of trust against a trustee in a like position and under similar circumstances.
(b) A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have under § 28-73-1005 in an action for breach of trust against a trustee in a like position and under similar circumstances.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-76-113
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:28-76-113
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b53bd78428522a504db7fd3829343f9ec87414af03bbf908d2a354693394145c
Source location: content.xml paragraph 14913
Stored source content
28-76-113. Limitation of action against trust director. [Effective January 1, 2020.]
(a) An action against a trust director for breach of trust must be commenced within the same limitation period as under § 28-73-1005 for an action for breach of trust against a trustee in a like position and under similar circumstances.
(b) A report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the report or accounting would have under § 28-73-1005 in an action for breach of trust against a trustee in a like position and under similar circumstances.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-73-1005. Limitation of action against trustee.
(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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-73-1005
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 28-73-1005. This identifies an authority to review, not proof of applicability.