72-34-128. Permissive accounts. At any time during the term of the trust or upon the termination of the trust, the trustee may mail an account to trust beneficiaries. To effectively bar a beneficiary from an action against the trustee pursuant to 72-34-511, the account must contain the following information:
     (1) a statement of receipts and disbursements of principal and income that have occurred since the last account;
     (2) a statement of the assets and liabilities of the trust since the last account;
     (3) the trustee's compensation since the last account;
     (4) the agents hired by the trustee, their relationship to the trustee, if any, and their compensation since the last account;
     (5) a statement that the recipient of the account may petition the court pursuant to 72-35-301 to obtain a court review of the account and of the acts of the trustee; and
     (6) a statement that claims against the trustee for breach of trust may not be made after the expiration of 3 years from the date the beneficiary receives an account disclosing facts giving rise to the claim.

     History: En. Sec. 96, Ch. 685, L. 1989.