Bill > HB175

This bill modifies the legal statute regarding time limitations for beneficiaries to file a lawsuit against a trustee for breach of trust. Specifically, the bill establishes two distinct time frames for initiating legal action: first, beneficiaries must commence a proceeding within one year after receiving a report that adequately discloses a potential breach of trust, along with being informed of the time allowed for filing a claim. A report is considered to adequately disclose a potential claim if it provides sufficient information that would prompt a beneficiary to know about or investigate the potential claim. If the first time limitation does not apply, beneficiaries have up to five years to file a lawsuit, which begins when the earliest of three events occurs: the trustee's removal/resignation/death, the termination of the beneficiary's trust interest, or the termination of the trust itself. This legislation aims to provide clear guidelines and time limits for legal actions against trustees, balancing the interests of beneficiaries and trustees by establishing reasonable statutes of limitation.

https://house.mo.gov/Bill.aspx?bill=HB175&year=2025&code=R