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Colorado Statutes, Title 15

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Title 15, Probate, Trusts, and Fiduciaries

0 chapters · 1,078 sections in this title.

All chapters in Title 151,078 Ch 14157 Ch 12155 Ch 11135 Ch 5103 Ch 186 Ch 1.249 Ch 1648 Ch 1547 Ch 1944 Ch 1037 Ch 2.533 Ch 14.523 Ch 1.522 Ch 2322

157 sections·Filtered byTitle 15✕Ch 14✕

Colo. Rev. Stat. § 15-14-602 Definitions
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As used in this part 6: (1) "Agency" means the relationship between the principal and the principal's agent. (2) "Agency instrument" means the written power of attorney or other written instrument of agency governing the relationship between the principal and agent. An agency is …
Colo. Rev. Stat. § 15-14-603 Applicability
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(1) (a) The principal may specify in the agency instrument: (I) The event upon which or time when the agency begins and terminates; (II) The mode of revocation or amendment of the agency instrument; and (III) The rights, powers, duties, limitations, immunities, and other terms ap…
Colo. Rev. Stat. § 15-14-604 Duration of agency - amendment and revocation - resignation of agent
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(1) (Deleted by amendment, L. 2009, (HB 09-1198), ch. 106, p. 422, § 9, effective January 1, 2010.) (2) Any agency created by an agency instrument continues until the principal ceased to exist, regardless of the length of time that elapses, unless the agency instrument states an …
Colo. Rev. Stat. § 15-14-606 Duty - standard of care - record keeping - exoneration

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Unless otherwise agreed by the principal and agent in the agency instrument, an agent is under no duty to exercise the powers granted by the agency or to assume control of or responsibility for any of the principal's property or affairs. Whenever the agent exercises the powers gr…

Colo. Rev. Stat. § 15-14-607 Reliance on an agency instrument

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(1) (a) Any third party who acts in good-faith reliance on an agency instrument that is duly notarized shall be fully protected and released to the same extent as if such third party dealt directly with the principal as a fully competent person. Upon demand of any third party, th…

Colo. Rev. Stat. § 15-14-611 Applicability of part

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This part 6 does not in any way invalidate any agency or power of attorney executed or any act of any agent, guardian, or conservator done or affect any claim, right, or remedy that accrued prior to January 1, 1995. Source: L. 94: Entire part added, p. 1076, § 1, effective Januar…

Colo. Rev. Stat. § 15-14-701 Short title

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This part 7 may be cited as the "Uniform Power of Attorney Act". Source: L. 2009: Entire part added, (HB 09-1198), ch.106, p. 384, § 1, effective April 9. OFFICIAL COMMENT This Act, which replaces the Uniform Durable Power of Attorney Act, does not contain the word "durable" in t…

Colo. Rev. Stat. § 15-14-702 Definitions

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Except as otherwise provided under this part 7, and except as the context may otherwise require, in this part 7: (1) "Agent" means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. The term i…

Colo. Rev. Stat. § 15-14-703 Applicability

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(1) This part 7 applies to all powers of attorney except: (a) A power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of a creditor in connection with a credit transaction; (b) A power to make health-care dec…

Colo. Rev. Stat. § 15-14-704 Power of attorney is durable

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(1) A power of attorney created on and after January 1, 2010, is durable unless it expressly provides that it is terminated by the incapacity of the principal. (2) A power of attorney existing on December 31, 2009, is durable only if on that day the power of attorney is durable u…

Colo. Rev. Stat. § 15-14-705 Execution of power of attorney

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A power of attorney must be signed by the principal or in the principal's conscious presence by another individual directed by the principal to sign the principal's name on the power of attorney. A signature on a power of attorney is presumed to be genuine if the principal acknow…

Colo. Rev. Stat. § 15-14-706 Validity of power of attorney

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(1) A power of attorney executed in this state on or after January 1, 2010, is valid if its execution complies with section 15-14-705. (2) A power of attorney executed in this state before January 1, 2010, is valid if its execution complied with the law of this state as it existe…

Colo. Rev. Stat. § 15-14-707 Meaning and effect of power of attorney

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The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed. Source: L. 2009: Entire …

Colo. Rev. Stat. § 15-14-708 Nomination of conservator or guardian - relation of agent to court-appointed fiduciary

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(1) In a power of attorney, a principal may nominate a conservator of the principal's estate or guardian of the principal's person for consideration by the court if protective proceedings for the principal's estate or person are begun after the principal executes the power of att…

Colo. Rev. Stat. § 15-14-709 When power of attorney effective

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(1) A power of attorney is effective when executed unless the principal provides in the power of attorney that it becomes effective at a future date or upon the occurrence of a future event or contingency. (2) If a power of attorney becomes effective upon the occurrence of a futu…

Colo. Rev. Stat. § 15-14-710 Termination of power of attorney or agent's authority

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(1) A power of attorney terminates when: (a) The principal dies; (b) The principal becomes incapacitated, if the power of attorney is not durable; (c) The principal revokes the power of attorney; (d) The power of attorney provides that it terminates; (e) The express purpose of th…

Colo. Rev. Stat. § 15-14-711 Coagents and successor agents

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(1) A principal may designate two or more persons to act as coagents. Unless the power of attorney otherwise provides, each coagent may exercise its authority independently. (2) A principal may designate one or more successor agents to act if an agent resigns, dies, becomes incap…

Colo. Rev. Stat. § 15-14-712 Reimbursement and compensation of agent

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Unless the power of attorney otherwise provides, an agent is entitled to reimbursement of expenses reasonably incurred on behalf of the principal and to compensation that is reasonable under the circumstances. Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 390, § 1…

Colo. Rev. Stat. § 15-14-713 Agent's acceptance

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Except as otherwise provided in the power of attorney, a person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance. Source: L. 2009: Entire part added, (HB 0…

Colo. Rev. Stat. § 15-14-714 Agent's duties

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(1) Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall: (a) Act in accordance with the principal's reasonable expectations to the extent actually known by the agent and, otherwise, in the principal's best interest; (b) Act in good fa…

Colo. Rev. Stat. § 15-14-715 Exoneration of agent

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(1) Provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal's successors in interest except to the extent the provision: (a) Relieves the agent of liability for breach of duty committed dishonestly, with an…

Colo. Rev. Stat. § 15-14-716 Judicial relief

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(1) The following persons may petition a court to construe a power of attorney or review the agent's conduct and grant appropriate relief: (a) The principal or the agent; (b) A guardian, conservator, or other fiduciary acting for the principal; (c) A person authorized to make hea…

Colo. Rev. Stat. § 15-14-717 Agent's liability

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(1) An agent that violates this part 7 is liable to the principal or the principal's successors in interest for the amount required to: (a) Restore the value of the principal's property to what it would have been had the violation not occurred; and (b) Reimburse the principal or …

Colo. Rev. Stat. § 15-14-718 Agent's resignation - notice

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(1) Unless the power of attorney provides a different method for an agent's resignation, an agent may resign by giving notice to the principal and, if the principal is incapacitated: (a) To the conservator or guardian, if one has been appointed for the principal, and a coagent or…

Colo. Rev. Stat. § 15-14-719 Acceptance of and reliance upon acknowledged power of attorney

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(1) For purposes of this section and section 15-14-720, "acknowledged" means purportedly verified before a notary public or other individual authorized to take acknowledgements. (2) A person that in good faith accepts a purportedly acknowledged power of attorney without actual kn…

Colo. Rev. Stat. § 15-14-720 Liability for refusal to accept acknowledged power of attorney

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(1) Except as otherwise provided in subsection (2) of this section: (a) A person shall either accept an acknowledged power of attorney or request a certification, a translation, or an opinion of counsel under section 15-14-719 (4) no later than seven business days after presentat…

Colo. Rev. Stat. § 15-14-721 Principles of law and equity

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Unless displaced by a provision of this part 7, the principles of law and equity supplement this part 7. Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 395, § 1, effective April 9. OFFICIAL COMMENT The Act is supplemented by common law, including the common law of …

Colo. Rev. Stat. § 15-14-722 Laws applicable to financial institutions and entities

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This part 7 does not supersede any other law applicable to financial institutions or other entities, and the other law controls if inconsistent with this part 7. Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 395, § 1, effective April 9. OFFICIAL COMMENT This secti…

Colo. Rev. Stat. § 15-14-723 Remedies under other law

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The remedies under this part 7 are not exclusive and do not abrogate any right or remedy under the law of this state other than this part 7. Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 396, § 1, effective April 9. OFFICIAL COMMENT The remedies under the Act are …

Colo. Rev. Stat. § 15-14-724 Authority that requires specific grant - grant of general authority

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(1) An agent under a power of attorney may do the following on behalf of the principal or with the principal's property only if the power of attorney expressly grants the agent the authority and exercise of the authority is not otherwise prohibited by another agreement or instrum…

Colo. Rev. Stat. § 15-14-725 Incorporation of authority - incorporation by reference

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(1) An agent has authority described in this part 7 if the power of attorney refers to general authority with respect to the descriptive term for the subjects stated in sections 15-14-727 to 15-14-740 or cites the section in which the authority is described. (2) A reference in a …

Colo. Rev. Stat. § 15-14-726 Construction of authority generally

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(1) Except as otherwise provided in the power of attorney, by executing a power of attorney that incorporates by reference a subject described in sections 15-14-727 to 15-14-740 or that grants to an agent authority to do all acts that a principal could do pursuant to section 15-1…

Colo. Rev. Stat. § 15-14-727 Real property

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to real property authorizes the agent to: (a) Demand, buy, lease, receive, accept as a gift or as security for an extension of credit, or otherwise acquire…

Colo. Rev. Stat. § 15-14-728 Tangible personal property

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to tangible personal property authorizes the agent to: (a) Demand, buy, receive, accept as a gift or as security for an extension of credit, or otherwise a…

Colo. Rev. Stat. § 15-14-729 Stocks and bonds

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to stocks and bonds authorizes the agent to: (a) Buy, sell, and exchange stocks and bonds; (b) Establish, continue, modify, or terminate an account with re…

Colo. Rev. Stat. § 15-14-730 Commodities and options

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to commodities and options authorizes the agent to: (a) Buy, sell, exchange, assign, settle, and exercise commodity futures contracts and call or put optio…

Colo. Rev. Stat. § 15-14-731 Banks and other financial institutions

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to banks and other financial institutions authorizes the agent to: (a) Continue, modify, and terminate an account or other banking arrangement made by or o…

Colo. Rev. Stat. § 15-14-732 Operation of entity or business

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(1) Subject to the terms of a document or an agreement governing an entity or an entity ownership interest, and unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to operation of an entity or business authorize…

Colo. Rev. Stat. § 15-14-733 Insurance and annuities

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to insurance and annuities authorizes the agent to: (a) Continue, pay the premium or make a contribution on, modify, exchange, rescind, release, or termina…

Colo. Rev. Stat. § 15-14-734 Estates, trusts, and other beneficial interests

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(1) In this section, "estate, trust, or other beneficial interest" means a trust, probate estate, guardianship, conservatorship, escrow, or custodianship or a fund from which the principal is, may become, or claims to be, entitled as a beneficiary to a share or payment. (2) Unles…

Colo. Rev. Stat. § 15-14-735 Claims and litigation

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to claims and litigation authorizes the agent to: (a) Assert and maintain before a court or administrative agency a claim, claim for relief, cause of actio…

Colo. Rev. Stat. § 15-14-736 Personal and family maintenance

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to personal and family maintenance authorizes the agent to: (a) Perform the acts necessary to maintain the customary standard of living of the principal, t…

Colo. Rev. Stat. § 15-14-737 Benefits from governmental programs or civil or military service

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(1) In this section, "benefits from governmental programs or civil or military service" means any benefit, program, or assistance provided under a statute or regulation including social security, medicare, and medicaid. (2) Unless the power of attorney otherwise provides, languag…

Colo. Rev. Stat. § 15-14-738 Retirement plans

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(1) In this section, "retirement plan" means a plan or account created by an employer, the principal, or another individual to provide retirement benefits or deferred compensation of which the principal is a participant, beneficiary, or owner, including a plan or account under th…

Colo. Rev. Stat. § 15-14-739 Taxes

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(1) Unless the power of attorney otherwise provides, language in a power of attorney granting general authority with respect to taxes authorizes the agent to: (a) Prepare, sign, and file federal, state, local, and foreign income, gift, payroll, property, "Federal Insurance Contri…

Colo. Rev. Stat. § 15-14-740 Gifts

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(1) In this section, a gift "for the benefit of" a person includes a gift to a trust, an account under the federal "Uniform Transfers to Minors Act", and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code section 529, 26 U.S.C. sec. 529, as a…

Colo. Rev. Stat. § 15-14-741 Statutory form - power of attorney

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A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this part 7. STATE OF COLORADO STATUTORY FORM POWER OF ATTORNEY IMPORTANT INFORMATION This power of attorney authorizes another pe…

Colo. Rev. Stat. § 15-14-742 Certification

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The following optional form may be used by an agent to certify facts concerning a power of attorney. AGENT'S CERTIFICATION AS TO THE VALIDITY OF POWER OF ATTORNEY AND AGENT'S AUTHORITY State of ____________________________________ County of __________________________________ I,…

Colo. Rev. Stat. § 15-14-743 Uniformity of application and construction

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In applying and construing this part 7, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it. Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 418, § 1, effective April 9.

Colo. Rev. Stat. § 15-14-744 Relation to "Electronic Signatures in Global and National Commerce Act"

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This part 7, modifies, limits, and supersedes the federal "Electronic Signatures in Global and National Commerce Act", 15 U.S.C. sec. 7001 et seq., but does not modify, limit, or supersede section 101 (c) of that act, 15 U.S.C. sec. 7001 (c), or authorize electronic delivery of a…