                                 CODE OF VIRGINIA

LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE (§ 64.2-915)

A. Except as otherwise 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 (i) 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 or (ii) 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 otherwise 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:

   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 (i) the
   appointment of a conservator, (ii) the removal of the incapacity, or (iii) the
   death of the claimant; or

   3. Was an adult, now deceased, who was not incapacitated, until two years
   after the claimant&#8217;s death.

HISTORY: 1990, c. 264, § 55-34.16; 2012, c. 614.