Vermont § 1005 - Limitation of action against trustee

§ 1005. Limitation of action against trustee

• (a) A beneficiary may not commence a proceeding against a trustee for breach of trust
  more than one 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. (b) 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
  or has reason to know of the potential claim or that the beneficiary had a duty to
  inquire further and the response to such an inquiry would have disclosed the potential
  claim. If written notice is given to the trustee by a beneficiary or representative
  within the time for commencing an action under subsection (a) of this section stating
  that the beneficiary or representative has received insufficient information from
  the trustee’s report to determine whether to commence an action for breach of trust,
  the time for commencing an action shall be extended by six months. If no proceeding
  is commenced within the extended time, it shall be conclusively presumed that the
  report adequately disclosed the existence of any potential claim. (c) If subsection (a) of this section does not apply, a judicial proceeding by a beneficiary
  against a trustee for breach of trust must be commenced within three years after the
  first to occur of: (1) the removal, resignation, or death of the trustee; (2) the termination of the beneficiary’s interest in the trust; or (3) the termination of the trust. (d) Subsections (a) through (c) of this section shall not apply to the filing of a petition
  in Probate Division of the Superior Court by the Attorney General for breach of trust
  against the trustee of a charitable trust with a principal place of administration
  in this State. The Attorney General may file a petition within three years after the
  potential claim arises. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. February 1, 2011.)