Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-111-101 Short title
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This article 111 may be cited as the Uniform Special Deposits Act. Source: L. 2024: Entire article added, (HB 24-1232), ch. 200, p. 1221, � 1, effective August 7.
Colo. Rev. Stat. § 11-111-102 Definitions
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In this article 111: (1) Account agreement means an agreement that: (a) Is in a record between a bank and one or more depositors; (b) May have one or more beneficiaries as additional parties; and (c) States the intention of the parties to establish a special deposit governed by t…
Colo. Rev. Stat. § 11-111-103 Scope - choice of law - forum
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(1) This article 111 applies to a special deposit under an account agreement that states the intention of the parties to establish a special deposit governed by this article 111, regardless of whether a party to the account agreement or a transaction related to the special deposi…
Colo. Rev. Stat. § 11-111-104 Variation by agreement or amendment
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(1) The effect of sections 11-111-102 and 11-111-103, this section 11-111-104, and sections 11-111-105, 11-111-106, 11-111-108 to 11-111-111, and 11-111-114 may not be varied by agreement, except as provided in those sections. Subject to subsection (2) of this section, the effect…
Colo. Rev. Stat. § 11-111-105 Requirements for special deposit
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(1) A deposit is a special deposit if it is: (a) A deposit of funds in a bank under an account agreement; (b) For the benefit of at least two beneficiaries, one or more of which may be a depositor; (c) Denominated in a medium of exchange that is currently authorized or adopted by…
Colo. Rev. Stat. § 11-111-106 Permissible purpose
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(1) A special deposit must serve at least one permissible purpose stated in the account agreement from the time the special deposit is created in the account agreement until termination of the special deposit. (2) If, before termination of the special deposit, the bank or a court…
Colo. Rev. Stat. § 11-111-107 Payment to beneficiary by bank
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(1) Unless the account agreement provides otherwise, the bank is obligated to pay a beneficiary if there are sufficient actually and finally collected funds in the balance of the special deposit. (2) Except as provided in subsection (3) of this section, the obligation to pay the …
Colo. Rev. Stat. § 11-111-108 Property interest of depositor or beneficiary
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(1) Neither a depositor nor a beneficiary has a property interest in a special deposit. (2) Any property interest with respect to a special deposit is only in the right to receive payment if the bank is obligated to pay a beneficiary and not in the special deposit itself. Any pro…
Colo. Rev. Stat. § 11-111-109 When creditor process enforceable against bank
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(1) Subject to subsection (2) of this section, creditor process with respect to a special deposit is not enforceable against the bank holding the special deposit. (2) Creditor process is enforceable against the bank holding a special deposit with respect to an amount the bank is …
Colo. Rev. Stat. § 11-111-110 Injunction or similar relief
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A court may enjoin, or grant similar relief that would have the effect of enjoining, a bank from paying a depositor or beneficiary only if payment would constitute a material fraud or facilitate a material fraud with respect to a special deposit. Source: L. 2024: Entire article a…
Colo. Rev. Stat. § 11-111-111 Recoupment or set off
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(1) Except as provided in subsection (2) or (3) of this section, a bank may not exercise a right of recoupment or set off against a special deposit. (2) An account agreement may authorize the bank to debit the special deposit: (a) When the bank becomes obligated to pay a benefici…
Colo. Rev. Stat. § 11-111-112 Duties and liability of bank
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(1) A bank does not have a fiduciary duty to any person with respect to a special deposit. (2) When the bank holding a special deposit becomes obligated to pay a beneficiary, a debtor-creditor relationship arises between the bank and beneficiary. (3) The bank holding a special de…
Colo. Rev. Stat. § 11-111-113 Term and termination
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(1) Unless otherwise provided in the account agreement, a special deposit terminates five years after the date the special deposit was first funded. (2) Unless otherwise provided in the account agreement, if the bank cannot identify or locate a beneficiary entitled to payment whe…
Colo. Rev. Stat. § 11-111-114 Principles of law and equity
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The Uniform Commercial Code, title 4; consumer protection law; law governing deposits generally; law related to escheat and abandoned or unclaimed property; and the principles of law and equity, including law related to capacity to contract, principal and agent, estoppel, fraud, …
Colo. Rev. Stat. § 11-111-115 Uniformity of application and construction
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In applying and construing this article 111, a court shall consider the promotion of uniformity of the law among jurisdictions that enact it. Source: L. 2024: Entire article added, (HB 24-1232), ch. 200, p. 1228, � 1, effective August 7.
Colo. Rev. Stat. § 11-111-116 Transitional provision
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(1) This article 111 applies to: (a) A special deposit made under an account agreement executed on or after August 7, 2024; and (b) A deposit made under an agreement executed before August 7, 2024, if: (I) All parties entitled to amend the agreement agree to make the deposit a sp…