The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
14-9116 - Limitations of action against custodial trustee
14-9116. Limitations of action against custodial trustee
A. Except as provided in subsection C, unless previously barred by adjudication, consent or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delivered or the legal representative of an incapacitated or deceased beneficiary or payee who either:
1. Has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement.
2. Has not received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within three years after the termination of the custodial trust.
B. Except as provided in subsection C, a claim for relief to recover from a custodial trustee for fraud, misrepresentation or concealment related to the final settlement of the custodial trust or concealment of the existence of the custodial trust is barred unless an action or proceeding to assert the claim is commenced within five years after the termination of the custodial trust.
C. A claim for relief is not barred by this section if the claimant either:
1. Is a minor, until the earlier of two years after the claimant becomes an adult or dies.
2. Is an incapacitated adult, until the earliest of two years after:
(a) The appointment of a conservator.
(b) The removal of the incapacity.
(c) The death of the claimant.
3. Was an adult, now deceased, who was not incapacitated, until two years after the claimant's death.