(1) For the purposes of this section, a "report" is an account statement or other form of written disclosure made by the trustee to the beneficiary.
(2) 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.
(3) 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.
(4) If subsection (2) of this section does not apply, a judicial proceeding by a beneficiary against a trustee for breach of trust shall be commenced within five (5) years of discovery of an injury by a trustee to the rights of the beneficiary. Effective: June 24, 2015 History: Amended 2015 Ky. Acts ch. 121, sec. 1, effective June 24, 2015. -- Created 2014 Ky. Acts ch. 25, sec. 83, effective July 15, 2014.
Notes of Decisions
Cited in
3
cases (
2 in the last 5 years), 2017–2023 · leading case:
Middleton v. Sampey, 522 S.W.3d 875 (Ky. Ct. App. 2017).
Middleton v. Sampey, 522 S.W.3d 875 (Ky. Ct. App. 2017).
“” Although we are mindful of Appellants’ assertion they did not discover Sampey’s alleged misconduct until 2010, we must conclude the limitations period of KRS 386B.10-050(4) does not apply to their claim.”
Marcum v. PNC Bank, Nat'l Ass'n (W.D. Ky. 2023).
· cites it 5× “As set forth in Middleton, the Kentucky Legislature adopted the Uniform Trust Code in 2014 which included the enactment of two different statute of limitations (one year and five years) for breach of fiduciary duty claims against a trustee under KRS 386B.10-050: (1) For the…”
Marcum v. PNC Bank, Nat'l Ass'n (W.D. Ky. 2022).
· cites it 2× “Breach of Fiduciary Duty In its motion to dismiss, PNC argues that Plaintiffs’ claim of breach of fiduciary duty should be dismissed because it is time-barred under the one-year statute of limitations in KRS 386B.10-050. [DE 7 at 655]. Plaintiffs argue that the one-year statute…”
— Ky. Rev. Stat. § 386B.10-050(2) — 1 case
Marcum v. PNC Bank, Nat'l Ass'n (W.D. Ky. 2023).
“As set forth in Middleton, the Kentucky Legislature adopted the Uniform Trust Code in 2014 which included the enactment of two different statute of limitations (one year and five years) for breach of fiduciary duty claims against a trustee under KRS 386B.10-050: (1) For the…”
— Ky. Rev. Stat. § 386B.10-050(4) — 1 case
Middleton v. Sampey, 522 S.W.3d 875 (Ky. Ct. App. 2017).
“” Although we are mindful of Appellants’ assertion they did not discover Sampey’s alleged misconduct until 2010, we must conclude the limitations period of KRS 386B.10-050(4) does not apply to their claim.”
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