Title 11, Financial Institutions
0 chapters · 699 sections in this title.
Colo. Rev. Stat. § 11-50-101 Short title
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This article shall be known and may be cited as the Colorado Uniform Transfers to Minors Act. Source: L. 84: Entire article R&RE, p. 383, � 1, effective July 1. Editor's note: This section is similar to former � 11-50-101 as it existed prior to 1984.
Colo. Rev. Stat. § 11-50-102 Definitions
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As used in this article, unless the context otherwise requires: (1) Adult means an individual who has attained the age of twenty-one years. (2) Benefit plan means an employer's plan for the benefit of an employee or partner. (3) Broker means a person lawfully engaged in the busin…
Colo. Rev. Stat. § 11-50-103 Scope and jurisdiction
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(1) This article applies to a transfer that refers to this article in the designation under section 11-50-110 (1) by which the transfer is made if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is lo…
Colo. Rev. Stat. § 11-50-104 Nomination of custodian
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(1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substanc…
Colo. Rev. Stat. § 11-50-105 Transfer by gift or exercise of power of appointment
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A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 11-50-110. Source: L. 84: Entire article R&RE, p. 385, � 1, effective July 1.
Colo. Rev. Stat. § 11-50-106 Transfer authorized by will or trust
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(1) A personal representative or trustee may make an irrevocable transfer pursuant to section 11-50-110 to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor has nominated a custodian under section 11-50-104 to rece…
Colo. Rev. Stat. § 11-50-107 Other transfer by fiduciary
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(1) Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 11-50-110, in the absence of a will or under a will or trust that doe…
Colo. Rev. Stat. § 11-50-108 Transfer by obligor
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(1) Subject to subsections (2) and (3) of this section, a person not subject to section 11-50-106 or 11-50-107 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant…
Colo. Rev. Stat. § 11-50-109 Receipt for custodial property
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A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this article. Source: L. 84: Entire article R&RE, p. 386, � 1, effective July 1. 11-50-110. Manner of creating custod…
Colo. Rev. Stat. § 11-50-110 Manner of creating custodial property and effecting transfer - designation of initial custodian - control
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(1) Custodial property is created and a transfer is made whenever: (a) An uncertificated security or a certificated security in registered form is either: (I) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance b…
Colo. Rev. Stat. § 11-50-111 Single custodianship
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A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this article by the same custodian for the benefit of the same minor constitutes a single custodianship. Source: L. 84: Entire article R&RE, p. 388, � 1, effecti…
Colo. Rev. Stat. § 11-50-112 Validity and effect of transfer
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(1) The validity of a transfer made in a manner prescribed in this article is not affected by: (a) Failure of the transferor to comply with section 11-50-110 (3) concerning possession and control; (b) Designation of an ineligible custodian, except designation of the transferor in…
Colo. Rev. Stat. § 11-50-113 Care of custodial property
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(1) A custodian shall: (a) Take control of custodial property; (b) Register or record title to custodial property if appropriate; and (c) Collect, hold, manage, invest, and reinvest custodial property. (2) In dealing with custodial property, a custodian shall observe the standard…
Colo. Rev. Stat. § 11-50-114 Powers of custodian
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(1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (1.5) At any time, …
Colo. Rev. Stat. § 11-50-115 Use of custodial property
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(1) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (a) The duty or ability of the custodian perso…
Colo. Rev. Stat. § 11-50-116 Custodian's expenses, compensation, and bond
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(1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. (2) Except for one who is a transferor under section 11-50-105, a custodian has a noncumulative election during each calendar year t…
Colo. Rev. Stat. § 11-50-117 Exemption of third person from liability
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(1) A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: (a) Th…
Colo. Rev. Stat. § 11-50-118 Liability to third persons
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(1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against…
Colo. Rev. Stat. § 11-50-119 Renunciation, resignation, death, or removal of custodian - designation of successor custodian
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(1) A person nominated under section 11-50-104 or designated under section 11-50-110 as custodian may decline to serve by delivering a valid disclaimer in the form provided in part 12 of article 11 of title 15, C.R.S., to the person who made the nomination or to the transferor or…
Colo. Rev. Stat. § 11-50-120 Accounting by and determination of liability of custodian
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(1) A minor who has attained the age of fourteen years, the minor's guardian or legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court: (a) For an accounting by the custodian or the custodian's lega…
Colo. Rev. Stat. § 11-50-121 Termination of custodianship
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(1) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of: (a) The minor's attainment of twenty-one years of age; or (b) The minor's death. Source: L. 84: Entire article R&RE, p. 392, � 1, effective …
Colo. Rev. Stat. § 11-50-122 Applicability
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(1) This article applies to a transfer within the scope of section 11-50-103 made on or after July 1, 1984, if: (a) The transfer purports to have been made under the Colorado Uniform Gifts to Minors Act as it existed prior to said date; or (b) The instrument by which the transfer…
Colo. Rev. Stat. § 11-50-123 Effect on existing custodianships
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(1) Any transfer of custodial property as now defined in this article made before July 1, 1984, is validated notwithstanding that there was no specific authority in the Colorado Uniform Gifts to Minors Act, as it existed prior to July 1, 1984, for the coverage of custodial proper…
Colo. Rev. Stat. § 11-50-124 Uniformity of application and construction
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This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among states enacting it. Source: L. 84: Entire article R&RE, p. 393, � 1, effective July 1. Editor's note: This section is similar to…
Colo. Rev. Stat. § 11-50-125 Severability
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If any provisions of this article or its application to any person or circumstance are held invalid, the invalidity does not affect other provisions or applications of this article which can be given effect without the invalid provision or application, and to this end the provisi…
Colo. Rev. Stat. § 11-50-126 Prior transfers not affected
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To the extent that this article, pursuant to section 11-50-123 (2), does not apply to transfers made in a manner prescribed in the Colorado Uniform Gifts to Minors Act, as it existed prior to July 1, 1984, or to the powers, duties, and immunities conferred by transfers in that ma…