Effective: September 12, 2008
Latest Legislation: House Bill 499 - 127th General Assembly
(A) A beneficiary may not commence a proceeding against a trustee for breach of trust more than two years after the date the beneficiary, a representative of the beneficiary, or a beneficiary surrogate is sent a report that adequately discloses the existence of a potential claim for breach of trust and informs the beneficiary, the representative of the beneficiary, or the beneficiary surrogate of the time allowed for commencing a proceeding against a trustee.
(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 the representative of the beneficiary knows of the potential claim or should know of the existence of the potential claim.
(C) If division (A) of this section does not apply, notwithstanding section 2305.09 of the Revised Code, a judicial proceeding by a beneficiary against a trustee for breach of trust must be commenced within four years after the first of the following to occur:
(1) The removal, resignation, or death of the trustee;
(2) The termination of the beneficiary's interest in the trust;
(3) The termination of the trust;
(4) The time at which the beneficiary knew or should have known of the breach of trust.
(D) Nothing in Chapters 5801. to 5811. of the Revised Code limits the operation of any principle of law or equity, including the doctrines of laches, unclean hands, estoppel, and waiver, that can bar claims.
Structure Ohio Revised Code
Chapter 5810 | Breach of Trust
Section 5810.01 | Breach of Trust Defined - Judicial Remedies.
Section 5810.02 | Liability to Beneficiaries for Breach - Contribution.
Section 5810.03 | Trustee Not Accountable or Liable for Profit or Loss Absent Breach.
Section 5810.04 | Award of Costs, Expenses, and Attorney Fees From Trust.
Section 5810.05 | Limitations Period for Action Against Trustee.
Section 5810.06 | Trustee Reliance on Terms of Trust.
Section 5810.07 | Reasonable Care to Ascertain Material Event.
Section 5810.08 | Enforceability of Exculpatory Trust Term.
Section 5810.09 | Beneficiary or Representative's Consent to Conduct Constituting Breach.
Section 5810.10 | Personal Contract and Tort Liability of Trustee.
Section 5810.11 | Personal Liability of Trustee on Contract as Partner.
Section 5810.12 | Person Assisting or Dealing With Trustee in Good Faith.
Section 5810.13 | Certification of Trust Furnished to Person Not Beneficiary.