Connecticut General Statutes/Title 45a/Chapter 801b/Section 45a-177

CGS § 45a-177. (Formerly Sec. 45-268). Periodic rendering of accounts; hearing. Exceptions.

(a) All conservators, guardians and trustees of testamentary trusts, unless excused by the will creating the trust, shall render periodic accounts of their trusts signed under penalty of false statement to the Probate Court having jurisdiction for allowance, at least once during each three-year period and more frequently if required by the court or by the will or trust instrument creating the trust. Except as otherwise provided in rules of procedure adopted and promulgated by the judges of the Supreme Court, under section 45a-78, the provisions of a will excusing the trustee from rendering of periodic accounts does not excuse the trustee from the rendering of a final account upon termination of the trust as required by section 45a-481.

(b) If the estate held by any person in any such fiduciary capacity is less than two thousand dollars, or, in the case of a corporate fiduciary under the supervision of the Banking Commissioner or any other fiduciary bonded by a surety company authorized to do business in this state, ten thousand dollars, such fiduciary shall not be required to render such account unless so ordered by the court.

Short History

(1949 Rev., S. 7052; 1961, P.A. 139; 1969, P.A. 209, S. 2; P.A. 77-430; 77-614, S. 161, 610; P.A. 80-476, S. 88; 80-482, S. 336, 348; P.A. 87-9, S. 2, 3; P.A. 99-84, S. 16; P.A. 03-84, S. 30; P.A. 16-7, S. 9; P.A. 17-136, S. 20; P.A. 19-137, S. 112; P.A. 21-40, S. 41.)

Long History

History: 1961 act specified that estates of less than $10,000 held by corporate fiduciaries under supervision of bank commissioner or by other fiduciaries bonded by surety companies authorized to do business in state are not subject to annual account requirement; 1969 act required that accounts be rendered “at least once during each three-year period” rather than annually; P.A. 77-430 authorized more frequent filing if required by will or trust instrument and added provisions re filing and hearing procedure for periodic accounts; P.A. 77-614 replaced bank commissioner with banking commissioner within the department of business regulation and made banking department a division within that department, effective January 1, 1979; P.A. 80-476 divided section into Subsecs. and rephrased provisions; P.A. 80-482 restored banking commissioner and division to prior independent status and abolished the department of business regulation; (Revisor's note: Pursuant to P.A. 87-9 “banking commissioner” was changed editorially by the Revisors to “commissioner of banking”); Sec. 45-268 transferred to Sec. 45a-177 in 1991; P.A. 99-84 amended Subsec. (a) by deleting “under oath” and inserting “signed under penalty of false statement”; P.A. 03-84 changed “Commissioner of Banking” to “Banking Commissioner” in Subsec. (c), effective June 3, 2003; P.A. 16-7 amended Subsec. (a) by deleting provisions re persons appointed by court to sell land of minors to render periodic account of trust and court to provide notice of, examination of and hearing on periodic account and by replacing “to do so” with “by the court or” re rendering of periodic account more frequently than once during each three-year period, deleted former Subsec. (b) re inclusion of inventory of trust estate in periodic account, redesignated existing Subsec. (c) as Subsec. (b) and made a technical change; P.A. 17-136 amended Subsec. (a) by designating existing provision re those entrusted with testamentary trusts as Subdiv. (1), adding Subdiv. (2) re conservators of person authorized under Sec. 45a-656(a) to manage finances of conserved person and adding Subdiv. (3) re guardians of adults with intellectual disability authorized under Sec. 45a-677a to manage finances of protected person, effective January 1, 2018; P.A. 19-137 substantially amended Subsec. (a) including by deleting former Subdivs. (2) and (3) re conservators of the person authorized to manage the finances of a conserved person and guardians of adults with intellectual disability, deleting former Subdiv. (1) designator, deleting provision re hearing at end of 3-year period on all periodic accounts not previously allowed and adding provision re provisions of will excusing trustee from rendering periodic accounts not excusing trustee from rendering final account, effective January 1, 2020; P.A. 21-40 made a technical change in Subsec. (a).

Citations

Annotations to former section 45-268:

Court has control of trust until approval of final account and trustee's return of distribution; final account precedes distribution; erroneous order of distribution by court does not justify trustee's refusal to file final account; final account means an account substantially up to date. 92 C. 292. History of statute; how far court has power to construe a trust. 93 C. 405. Objection to acceptance of final account is a proper method of raising question of right of trustee to account for property sold at inventory value instead of real value. 94 C. 373. Where there is a trust, there is no final distribution until trust is terminated and trust fund distributed. 98 C. 478. Implicit that final account must be filed. 121 C. 391. Decree of Probate Court, unappealed from, conclusive as to items within administration of estate. 126 C. 324. Cited. 131 C. 482. Statutory jurisdiction of Probate Court over ordinary annual accounts of testamentary trustees is at least concurrent with that of the Superior Court as a court of equity. 147 C. 482. Cited. 148 C. 361; 155 C. 115, 120; Id., 417.

Cited. 12 CS 95.

Annotations to present section:

Cited. 45 CA 490.

Cited. 42 CS 548; 45 CS 368.

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