(1) Notice to a person who may represent and bind another person pursuant to this part 3 has the same effect as if notice were given directly to the other person.
(2) The consent of a person who may represent and bind another person pursuant to this part 3 is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(3) A person who pursuant to this part 3 may represent a settlor who lacks capacity may receive notice and give a binding consent on the settlor's behalf.
(4) A settlor may not represent and bind a beneficiary pursuant to this part 3 with respect to the termination or modification of a trust pursuant to section 15-5-411 (1).
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1158, � 1, effective January 1, 2019.
15-5-301.5. Scope of representative's authority and duty of certain representatives - definitions. (1) As used in this section, unless the context otherwise requires, representative means a representative acting pursuant to section 15-5-302, 15-5-303, 15-5-304, or 15-5-305.
(2) A representative may receive notice, give consent, and otherwise represent, bind, and act on behalf of the individual represented with respect to any matter arising pursuant to this article 5, regardless of whether a judicial proceeding concerning the trust is pending.
(3) In making decisions, a representative may consider general benefits accruing to the living members of the represented individual's family.
(4) A representative acting pursuant to section 15-5-303 (1)(f) or section 15-5-305 shall act in good faith on behalf of the person represented. As used in this subsection (4), with respect to representatives acting pursuant to sections 15-5-303 (1)(f) and 15-5-305 only, good faith means honesty in fact.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1158, � 1, effective January 1, 2019.
15-5-302. Representation by a holder of general testamentary power of appointment. To the extent that there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power. For persons bound by orders binding holders of a presently exercisable general power of appointment, see section 15-10-403 (3)(a).
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1159, � 1, effective January 1, 2019.