1. (a) A beneficiary shall commence a proceeding against a trust advisor or trust protector for breach of trust within the earlier of:

   1. (1) One year after the date on which the beneficiary or the beneficiary's representative was sent a report that adequately disclosed the existence of a potential claim for breach of trust and informed the beneficiary of the time allowed for commencing a proceeding;
   2. (2) Three years after the date on which the beneficiary or the beneficiary's representative was sent a report that adequately disclosed the existence of a potential claim for breach of trust;
   3. (3) Three years after the trust advisor's or trust protector's resignation or removal;
   4. (4) To the extent that the claim is not barred by a limitation period under RSA 556, RSA 564-B:5-508, or other applicable law, three years after the trust advisor's or trust protector's death;
   5. (5) Three years after termination of the beneficiary's interest in the trust; or
   6. (6) Three years after the termination of the trust.
2. (b) A fiduciary shall commence a proceeding against a trust advisor or trust protector for breach of trust within 3 years after the date on which the fiduciary was sent a report that adequately disclosed the existence of a potential claim for breach of trust; provided, however, that a fiduciary shall not commence a proceeding against a trust advisor or trust protector for breach of trust if, under subsection (a), none of the beneficiaries may commence a proceeding against the trust advisor or trust protector for such breach of trust. For purposes of this section, a "fiduciary" means any trustee, trust advisor, or trust protector.
3. (c) A report adequately discloses the existence of a potential claim for breach of trust if it provides sufficient information so that the recipient knows of the potential claim or should have inquired into its existence.
4. (d) The periods of limitation under subsection (a) shall not be tolled for any reason, except by a written agreement of the qualified beneficiaries and each of the trust advisors and trust protectors against whom a beneficiary may commence a proceeding or a court order. The periods of limitation under subsection (b) shall not be tolled for any reason, except by a written agreement of the trustees and each of the trust advisors and trust protectors against whom a fiduciary may commence a proceeding or a court order. Without limiting the circumstances under which a court may issue an order tolling the period of limitations, a court may issue an order tolling the period of limitations under this section during the pendency of any action described in RSA 564-B:10-1014(c)(3).
5. (e) [Repealed.]
6. (f) For purposes of determining whether, for purposes of this section, a trust has terminated or a beneficiary's interest in a trust has terminated, trust property excludes any claim against a trustee, trust advisor, or trust protector.

Source. 2011, 243:14, eff. Sept. 11, 2011. 2014, 195:39, III, eff. July 1, 2014. 2015, 272:56, eff. Sept. 25, 2015. 2017, 257:30, eff. July 18, 2017.