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The Florida Statutes

The 2004 Florida Statutes

Title XLII
ESTATES AND TRUSTS
Chapter 737
TRUST ADMINISTRATION
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Section 737.307, Florida Statutes 2004

1737.307  Limitations on proceedings against trustees after beneficiary receives trust disclosure documents.--

(1)  Unless previously barred by adjudication, consent, or limitations, an action against a trustee for breach of trust is barred for any beneficiary who has received a trust disclosure document adequately disclosing the matter unless a proceeding to assert the claim is commenced within 6 months after receipt from the trustee of the trust disclosure document or the limitation notice that applies to the trust disclosure document, whichever is received later. All claims against a trustee who has issued a trust disclosure document adequately disclosing a matter but who has not delivered a limitation notice that applies to that trust disclosure document are barred as provided in chapter 95 as to the matters disclosed in the trust disclosure document. In any event, and notwithstanding lack of adequate disclosure or delivery of a limitation notice, all claims against a trustee who has issued a final trust accounting received by the beneficiary and has informed the beneficiary of the location and availability of records for his or her examination are barred as provided in chapter 95.

(2)  As used in this section, the term "trust disclosure document" means a trust accounting as defined in s. 737.3035 or any other written report of the trustee. A trust disclosure document adequately discloses a matter if it provides sufficient information so that a beneficiary knows of a claim or reasonably should have inquired into the existence of a claim with respect to that matter. An accounting that adequately discloses the information required by and that substantially complies with the standards set forth in s. 737.3035 is a trust accounting under this section.

(3)  As used in this section, the term "limitation notice" means a written statement of the trustee that an action by a beneficiary against the trustee for breach of trust based on any matter adequately disclosed in a trust disclosure document may be barred unless the action is commenced within 6 months after receipt of the trust disclosure document or receipt of a limitation notice that applies to that trust disclosure document, whichever is later.

(a)  A limitation notice may be contained as a part of the trust disclosure document, may be accompanied concurrently by the trust disclosure document, or may be delivered separately from the trust disclosure document.

(b)  A limitation notice may, but is not required to be, in the following form: "An action for breach of trust based on matters disclosed in a trust accounting or other written report of the trustee may be subject to a 6-month statute of limitations from the receipt of the trust accounting or other written report. If you have questions, please consult your attorney."

(c)  For purposes of this section, a limitation notice applies to a trust disclosure document when the limitation notice:

1.  Is contained as a part of the trust disclosure document;

2.  Is accompanied concurrently by the trust disclosure document or is delivered separately within 10 days of the delivery of the trust disclosure document;

3.  Is contained as a part of another trust disclosure document received within 1 year prior to the receipt of the latter trust disclosure document;

4.  Is accompanied concurrently by another trust disclosure document that was received within 1 year prior to the receipt of the latter trust disclosure document or that was delivered separately within 10 days of the earlier trust disclosure document to the beneficiary; or

5.  Is received after the trust disclosure document, but only if the limitation notice references that trust disclosure document and:

a.  Offers to provide to the beneficiary upon request another copy of that trust disclosure document if it was received by the beneficiary within 1 year prior to receipt of the limitation notice; or

b.  Is accompanied by another copy of that trust disclosure document if the trust disclosure document was received by the beneficiary 1 year or more prior to the receipt of the limitation notice.

(d)  A limitation notice is not delivered separately if it is accompanied by another written communication, other than a written communication which refers only to the limitation notice.

(4)  A beneficiary has received a trust disclosure document or a limitation notice if, being an adult, it is received by the beneficiary or if, being a minor, disabled person, or person who may take by virtue of the exercise or nonexercise of a power of appointment, it is received by the beneficiary's representative as defined in s. 731.303.

(5)  This section applies to trust accountings for accounting periods beginning on or after January 1, 2003, and to written reports, other than trust accountings, received by a beneficiary on or after January 1, 2003.

History.--s. 1, ch. 74-106; s. 7, ch. 75-221; s. 2, ch. 88-217; s. 1041, ch. 97-102; s. 12, ch. 2002-82; s. 27, ch. 2003-154.

1Note.--Section 13(4), ch. 2002-82, provides that "[s]ection 737.307, Florida Statutes, as it existed prior to the effective date of this act shall be preserved and shall continue to apply to any final, annual, or periodic account for periods beginning before January 1, 2003, and other statements fully disclosing the matter received by the beneficiary before January 1, 2003."