Effective - 28 Aug 2004
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.
(1) Any such claim brought by a qualified beneficiary is barred if not asserted in a judicial proceeding commenced within two years after the trustee has sent a report to that qualified beneficiary that adequately discloses the facts constituting the claim.
(2) Any such claim brought by a beneficiary (other than a qualified 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, is barred if not asserted in a judicial proceeding commenced within two years after the first to occur of:
(a) The date the trustee sent a report to all qualified beneficiaries that adequately discloses the facts constituting the claim; or
(b) The date the trustee sent a report to a person that represents the beneficiary under the provisions of subdivision (2) of subsection 2 of this section.
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) Section 469.402 shall apply in determining whether a beneficiary (including a qualified beneficiary) has received notice for purposes of this section;
(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, A.L. 2004 H.B. 1511)
Structure Missouri Revised Statutes
Title XXXI - Trusts and Estates of Decedents and Persons Under Disability
Chapter 469 - Disclaimers of Property
Section 469.010 - General rule, effect of disclaimer.
Section 469.020 - Disclaimer, how and when made — delivery — right to disclaim.
Section 469.040 - Revocable transfers.
Section 469.050 - Separate interests, disclaimers or acceptance.
Section 469.070 - Contingent interests.
Section 469.080 - Per stirpes transfers.
Section 469.090 - Special rules for interests under old transfers.
Section 469.100 - Special rule for persons attaining majority — transfers after 1976.
Section 469.110 - Chapter not exclusive.
Section 469.120 - Retroactive effect.
Section 469.240 - Definitions.
Section 469.260 - Transfer of negotiable instrument by fiduciary.
Section 469.270 - Check drawn by fiduciary payable to third person.
Section 469.280 - Check drawn by and payable to fiduciary.
Section 469.290 - Deposit in name of fiduciary as such.
Section 469.300 - Deposit in name of principal.
Section 469.310 - Deposit in fiduciary's personal account.
Section 469.320 - Deposit in name of two or more trustees.
Section 469.330 - Cases not provided for in law.
Section 469.340 - Uniformity of interpretation.
Section 469.350 - Short title.
Section 469.401 - Definitions.
Section 469.402 - Applicability.
Section 469.403 - Disbursements to or between principal and income, fiduciary's responsibilities.
Section 469.409 - Bar on claim of breach of fiduciary duty, when — applicable rules.
Section 469.413 - Death of decedent or end of income interest, applicable rules.
Section 469.415 - Rights of beneficiaries to net income.
Section 469.419 - Trustee to allocate income receipt or disbursement, when.
Section 469.421 - Mandatory income interest, undistributed income, paid when.
Section 469.423 - Allocations by trustee — entity defined.
Section 469.425 - Allocations to income or principal.
Section 469.427 - Separate accounting records maintained, when, procedure.
Section 469.429 - Allocations to principal.
Section 469.431 - Rental property, allocation to income.
Section 469.433 - Life insurance proceeds allocated to principal — dividends allocated to income.
Section 469.443 - Sale of timber and related products, allocation of net receipts.
Section 469.445 - Marital deduction, insufficient income, allowable actions.
Section 469.449 - Allocation of collateral financial assets and asset-backed securities.
Section 469.451 - Required disbursements from income.
Section 469.453 - Required disbursements from principal.
Section 469.455 - Depreciation not to be transferred.
Section 469.457 - Principal disbursement, permitted transfers.
Section 469.459 - Taxes to be paid from income or principal, when.
Section 469.463 - Uniformity considered in application and construction.
Section 469.465 - Severability clause.
Section 469.467 - Applicability of sections.
Section 469.900 - Citation of law — definitions.
Section 469.901 - Trustee duties, settlor may restrict or expand.
Section 469.902 - Trustee duties and powers — decisions to be evaluated in context of trust.
Section 469.903 - Diversification required, exception.
Section 469.904 - Trust assets, retention and disposition.
Section 469.905 - To whom duty owed.
Section 469.906 - Multiple beneficiaries, duty owed to whom.
Section 469.907 - Restriction on costs.
Section 469.908 - Prudent investor rule, standard.
Section 469.910 - Trust terms and phrases, definition.
Section 469.911 - Applicability of certain sections.