§ 633a-4504

633A.4504 Limitation of action against trustee. 1. Unless previously barred by adjudication, consent, or other limitation, a claim against a trustee for breach of trust is barred as to a beneficiary who has received an accountingpursuant to section 633A.4213 or other report that adequately discloses the existence of theclaim, unless a proceeding to assert the claim is commenced within one year after the receiptof the accounting or report. An accounting or report adequately discloses the existence ofa claim if it provides sufficient information so that the beneficiary knows of the claim orreasonably should have inquired into its existence. 2. For the purpose of subsection 1, a beneficiary is deemed to have received an accounting or report in the following instances: a. In the case of an adult who is reasonably capable of understanding the accounting or report, if it is received by the adult personally. b. In the case of an adult who is not reasonably capable of understanding the accounting or report, if it is received by the adult’s legal representative, including a guardian ad litem orother person appointed for this purpose. c.

is not reasonably capable of understanding the accounting or report, if it is received by the adult’s legal representative, including a guardian ad litem orother person appointed for this purpose. c. In the case of a minor, if it is received by the minor’s guardian or conservator or, if the minor does not have a guardian or conservator, if it is received by a parent of the minor whodoes not have a conflict of interest. 3. Any claim for breach of trust against a trustee who has presented an accounting or report to a beneficiary more than one year prior to July 1, 2000, shall be time barred unlesssome exception stated in this section applies which tolls the statute. Any claim arising underthis section within one year of July 1, 2000, shall be time barred after one year unless anexception applies to toll the statute. 4. For the purposes of this section, 'report' means a document including but not limited to a letter, delivered by or on behalf of the trustee to a beneficiary of the trust. 99 Acts, ch 125, §76, 109; 2000 Acts, ch 1150, §25C2001, §633.45042005 Acts, ch 38, §54CS2005, §633A.45042012 Acts, ch 1123, §28; 2013 Acts, ch 33, §7, 9Referred to in §633A.4213, 633A.51082013

rust. 99 Acts, ch 125, §76, 109; 2000 Acts, ch 1150, §25C2001, §633.45042005 Acts, ch 38, §54CS2005, §633A.45042012 Acts, ch 1123, §28; 2013 Acts, ch 33, §7, 9Referred to in §633A.4213, 633A.51082013 amendment to subsection 3 applies retroactively to all reports and accountings provided by a trustee, unless an exception applies, to one year from July 1, 2000; 2013 Acts, ch 33, §9 Sat Dec 23 12:13:37 2023 Iowa Code 2024, Section 633A.4504 (20, 0)