Effective 28 Aug 1989

404.620. Accounting by custodian, approval by court, waiver — determination of liability of custodian — time limitations for beneficiary to bring actions. — 1. The beneficiary, the legal representative of an incapacitated or deceased beneficiary, a successor personal custodian, an adult member of an incapacitated beneficiary's family or any interested person, including any person interested in the welfare of the beneficiary, may petition the court for an accounting by the personal custodian or the personal custodian's legal representative.

2. Any requirement for an accounting may be waived or an accounting may be approved by the court without hearing, if the accounting is waived or approved by a beneficiary who is not disabled, or by a beneficiary whose legal capacity has been restored, or by all creditors and distributees of a deceased beneficiary's estate whose claims or distributions theretofore have not been satisfied in full. The approval or waiver shall be in writing, signed by the affected persons and filed with the court.

3. For the purposes of subsection 2 of this section, a legal representative or a person providing services to the beneficiary's estate shall not be considered a creditor of the beneficiary's estate; and no express approval or waiver shall be required from the legal representative of a disabled or incapacitated beneficiary if the beneficiary's legal capacity has been restored, or from the personal representative of a deceased beneficiary's estate, or from any other person entitled to compensation or expense for services rendered to a disabled, incapacitated or deceased beneficiary's estate, unless the beneficiary or the beneficiary's estate is unable to pay in full the compensation and expense to which the person rendering the services may be entitled.

4. In a proceeding under sections 404.400 to 404.650, or in any other proceeding, or upon the petition of the personal custodian, the court may: (i) require or permit the personal custodian to account; (ii) authorize the personal custodian to enter into any transaction, or approve, ratify, confirm and validate any transaction entered into by the personal custodian, that the court finds is, was or will be beneficial to the beneficiary and which the court has power to authorize for a conservator under chapter 475; and (iii) determine responsibility, as between custodial property and the personal custodian personally, for claims against custodial property unless the responsibility has been adjudicated in an action under section 404.610.

5. If the personal custodian is removed under subsection 9 of section 404.590, the court may order an accounting, order delivery of the custodial property and records of the personal custodianship to the beneficiary, a successor personal custodian or the beneficiary's legal representative, and order the execution of all instruments required for the transfer of the custodial property.

6. Unless previously barred by adjudication, consent or limitations, any cause of action against a personal custodian for accounting or breach of duty shall be barred as to any beneficiary who has received a final account or other statement fully disclosing the matter and showing termination of the personal custodianship for the beneficiary unless a proceeding to assert the cause of action is commenced within two years after receipt of the final account or statement by the beneficiary or, if the beneficiary is an incapacitated or deceased person, by the legal representative of the beneficiary's estate; except that, if no final account or statement is provided by the personal custodian or if there is no legal representative of the beneficiary's estate, then such cause of action shall not be barred until two years after the removal of the beneficiary's legal disability or one year after the beneficiary's death. The cause of action thus barred does not include any action to recover from the personal custodian for fraud, misrepresentation or concealment related to the final settlement of the personal custodianship, or concealment of the existence of the personal custodianship.

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(L. 1986 S.B. 651 § 11, A.L. 1989 H.B. 145)