Section 674-16 - Waiver of immunity(a) The State waives its immunity from liability for actual damages suffered by an individual beneficiary arising out of or resulting from a breach of trust or fiduciary duty, which occurred between August 21, 1959, to June 30, 1988, and was caused by an act or omission of an employee of the State in the management and disposition of trust resources.(b) This waiver shall not apply to the following: (1) Any claim for which a remedy was or is provided elsewhere in or under the laws of the State;(2) Any claim which was or is the subject of prior or pending litigation; or(3) Any claim predicated, in whole or in part, upon any act or omission which occurred prior to August 21, 1959.L 1991, c 323, pt of §1; am L 1993, c 351, §10