(a) Except as 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 the custodial trust property is to be paid or delivered, or the legal representative of an incapacitated or deceased beneficiary or payee:

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Terms Used In Hawaii Revised Statutes 554B-16

  • Adult: means an individual who has attained the age of eighteen years. See Hawaii Revised Statutes 554B-1
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: means an individual for whom property has been delivered to a custodial trustee for the individual's use and benefit under this chapter. See Hawaii Revised Statutes 554B-1
  • Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Hawaii Revised Statutes 554B-1
  • Custodial trust property: means an interest in property transferred to a custodial trustee under this chapter and the income from and proceeds of that interest. See Hawaii Revised Statutes 554B-1
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter and includes a substitute or successor custodial trustee. See Hawaii Revised Statutes 554B-1
  • Fraud: Intentional deception resulting in injury to another.
  • Incapacitated: means that an individual lacks the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other cause. See Hawaii Revised Statutes 554B-1
  • Legal representative: means a personal representative or conservator. See Hawaii Revised Statutes 554B-1
  • Person: means an individual, corporation, organization, or other legal entity. See Hawaii Revised Statutes 554B-1
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.
(1) Who 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
(2) Who 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 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:

(A) Attaining majority; or
(B) The claimant’s death;
(2) Is an incapacitated adult, until the earliest of two years after:

(A) The appointment of a conservator;
(B) The removal of the incapacity; or
(C) The death of the claimant; or
(3) Was an adult, now deceased, who was not incapacitated, until two years after death.
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