Connecticut General Statutes 45a-500m – Limitation of action against trust director
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(a) An action against a trust director for breach of trust must be commenced within the same limitation period as under section 45a-499rrr for an action for breach of trust against a trustee in a like position and under similar circumstances.
Terms Used In Connecticut General Statutes 45a-500m
- Breach of trust: includes a violation by a trust director or trustee of a duty imposed on the director or trustee by the terms of the trust, sections 45a-499a to 45a-500s, inclusive, or law of this state other than sections 45a-499a to 45a-500s, inclusive, pertaining to trusts. See Connecticut General Statutes 45a-499c
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, provided a person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) A financial report or accounting has the same effect on the limitation period for an action against a trust director for breach of trust that the financial report or accounting would have under section 45a-499rrr in an action for breach of trust against a trustee in a like position and under similar circumstances.