Title 15, Probate, Trusts, and Fiduciaries
0 chapters · 926 sections in this title.
Colo. Rev. Stat. § 15-1-1517 Uniformity of application and construction
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In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: L. 2016: Entire part added, (SB 16-088), ch. 71, p. 190, � 1, effective August 10. 15-1-151…
Colo. Rev. Stat. § 15-1-1518 Relation to electronic signatures in global and national commerce act
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This part 15 modifies, limits, or 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 any…
Colo. Rev. Stat. § 15-1-201 When part 2 applicable
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This part 2 shall be applicable to all powers of appointment or disposition existing or created on or after April 1, 1953, the donees of which powers shall be living on such date. Source: L. 53: p. 304, � 6. CRS 53: � 57-2-6. C.R.S. 1963: � 57-2-6.
Colo. Rev. Stat. § 15-1-201.5 Definitions
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As used in this part 2, donee has the same meaning as powerholder as set forth in section 15-2.5-102 (13). Source: L. 2014: Entire section added, (HB 14-1353), ch. 209, p. 782, � 3, effective July 1, 2015.
Colo. Rev. Stat. § 15-1-202 Trustee not liable, when
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If a trustee of an express trust which includes property subject to a power of appointment or other power of disposition distributes such property to those persons who would take such property in default of appointment and such distribution is made not sooner than six months afte…
Colo. Rev. Stat. § 15-1-203 No liability if distribution under instrument
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If a trustee of an express trust which includes property subject to a power of appointment or other power of disposition distributes such property pursuant to an instrument exercising such power and without knowledge of any infirmity in such instrument and thereafter such instrum…
Colo. Rev. Stat. § 15-1-204 Rights of appointees
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Nothing in this part 2 shall be deemed to affect the right of the appointee of such property to trace such property into the hands of the distributee or to affect the cause of action of such appointee against such distributee. Source: L. 53: p. 303, � 3. CRS 53: � 57-2-3. C.R.S. …
Colo. Rev. Stat. § 15-1-205 Rights of persons entitled
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Nothing in this part 2 shall be deemed to affect the right of the person entitled to such property in default of appointment to trace such property into the hands of the appointee or to affect the cause of action of such person against such distributee. Source: L. 53: p. 303, � 4…
Colo. Rev. Stat. § 15-1-206 Rights of bona fide purchasers
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Nothing in this part 2 shall be construed to impair the title or lien of a purchaser or mortgagee in good faith and for value from the person to whom such property was first conveyed pursuant to, or in default of, appointment, as the case may be. Source: L. 53: p. 304, � 5. CRS 5…
Colo. Rev. Stat. § 15-1-301 Fiduciary defined
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The word fiduciary as used in this part 3 means original or successor administrators, special administrators, administrators cum testamento annexo, executors, guardians, conservators, and trustees, whether of express or implied trusts. Source: L. 51: p. 841, � 5. CSA: C. 176, � 1…
Colo. Rev. Stat. § 15-1-302 Application
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The provisions of this part 3 shall apply to and govern all fiduciaries appointed or lawfully acting. Source: L. 51: p. 841, � 3. CSA: C. 176, � 126(7). CRS 53: � 57-3-3. C.R.S. 1963: � 57-3-4.
Colo. Rev. Stat. § 15-1-303 Construction of part 3
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Nothing in this part 3 shall be construed as modifying or repealing either section 28-5-214 or section 28-5-301, C.R.S., with respect to investment of surplus funds by appointed guardians and conservators of minor and incompetent beneficiaries of the veterans administration. Sour…
Colo. Rev. Stat. § 15-1-304 Standard for investments
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In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing property for the benefit of others, fiduciaries shall be required to have in mind the responsibilities which are attached to such offices and the size, nature, and needs of the estates entrusted to…
Colo. Rev. Stat. § 15-1-304.1 Standard for investments on and after July 1, 1995 - “Colorado Uniform Prudent Investor Act”
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(1) On and after July 1, 1995, when investing and managing assets, fiduciaries shall be governed by the standard for trustees set forth in the “Colorado Uniform Prudent Investor Act”, article 1.1 of this title. (2) This section shall not apply to those persons, corporations, enti…
Colo. Rev. Stat. § 15-1-305 Terms of instrument govern
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Nothing in this part 3 shall be construed as authorizing any departure from or variation of the express terms or limitations set forth in any will, agreement, court order, or other instrument creating or defining the fiduciary's duties and powers, but the terms legal investment o…
Colo. Rev. Stat. § 15-1-306 Court not restricted
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Nothing in this part 3 shall be construed as restricting the power of a court of proper jurisdiction to permit a fiduciary to deviate from the terms of any will, agreement, or other instrument relating to the acquisition, investment, reinvestment, exchange, retention, sale, or ma…
Colo. Rev. Stat. § 15-1-307 Powers of investment in persons other than fiduciary. (Repealed)
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Source: L. 77: Entire section added, p. 829, � 2, effective July 1. L. 2014: Entire section repealed, (HB 14-1322), ch. 296, p. 1239, � 11, effective August 6.
Colo. Rev. Stat. § 15-1-308 Investments in United States government obligations
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In the absence of an express provision to the contrary, any fiduciary is authorized, whenever a governing instrument or order requires or permits investment in United States government obligations which are backed by the full faith and credit of the United States government, to i…
Colo. Rev. Stat. § 15-1-501 Fiduciary property kept separate
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Every fiduciary shall keep fiduciary property separate and distinct from such fiduciary's own property and shall not invest or deposit the same with any person, association, or corporation in such fiduciary's own name. Except as provided in this part 5, every fiduciary shall keep…
Colo. Rev. Stat. § 15-1-502 Nominees
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Any fiduciary may register or hold the title to fiduciary property in the name of a nominee. Source: L. 77: Entire part R&RE, p. 826, � 1, effective July 1. Editor's note: This section is similar to former � 15-1-501 as it existed prior to 1977.
Colo. Rev. Stat. § 15-1-503 Fiduciary property deposits
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Any fiduciary may deposit fiduciary property with a bank or trust company, including a federal reserve bank, or with a clearing corporation, as defined in section 4-8-102 (a)(5), C.R.S., as depository, and such fiduciary property so deposited may be registered in such depository'…
Colo. Rev. Stat. § 15-1-504 Holding of securities by fiduciary or depository of fiduciary property
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Any bank or trust company or clearing corporation acting as a fiduciary or depository of fiduciary property may merge and hold securities held as fiduciary property, without certification as to ownership attached, with other securities held as fiduciary property, in one or more c…
Colo. Rev. Stat. § 15-1-505 Records
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The records of every fiduciary shall at all times show the ownership of any fiduciary property held by such fiduciary or in the name of its nominee or held in a depository. Source: L. 77: Entire part R&RE, p. 827, � 1, effective July 1. Editor's note: This section is similar to f…
Colo. Rev. Stat. § 15-1-506 Liability of issuer
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No issuer of securities or agent thereof shall be liable for registering or causing to be registered on the books of such issuer any securities in the name of any nominee or, when the transfer is made on the authorization of the nominee, for transferring or causing to be transfer…
Colo. Rev. Stat. § 15-1-507 Custodian as fiduciary
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For purposes of this part 5, a bank or trust company acting as custodian shall be deemed to be a fiduciary, and property held in custody by a bank or trust company shall be deemed to be fiduciary property. Source: L. 77: Entire part R&RE, p. 827, � 1, effective July 1. Editor's n…
Colo. Rev. Stat. § 15-1-508 Individual and corporate fiduciaries
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(1) For purposes of this part 5, a bank or trust company acting as a fiduciary, alone or jointly with any cofiduciary, may take any action authorized by this part 5 without regard to the language or provisions, or any limitations, in the will or trust instrument or other instrume…
Colo. Rev. Stat. § 15-1-509 Fiduciary duty
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In the exercise of any of the powers granted in this part 5, a fiduciary has a duty to act reasonably and equitably with due regard for his obligations and responsibilities toward the interests of beneficiaries and creditors and the estate or trust involved and the purposes there…
Colo. Rev. Stat. § 15-1-510 Application
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This part 5 shall apply to every fiduciary, regardless of the date of the agreement, instrument, or court order by which the fiduciary is appointed. Source: L. 77: Entire part R&RE, p. 827, � 1, effective July 1.
Colo. Rev. Stat. § 15-1-701 Power to become partner
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Subject to the terms of the partnership agreement, if permitted by the trust instrument or will under which the fiduciary serves or by order of a court having jurisdiction of the estate or trust, a fiduciary may enter into a partnership agreement and accept the assignment of or o…
Colo. Rev. Stat. § 15-1-702 Family business interests - maintenance of entity - formation of successor entity
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(1) As used in this section, unless the context otherwise requires: (a) “Family” means an individual, such individual’s spouse, parents, the descendants of either of such parents or of such spouse, or the spouses of such descendants or any combination of such persons. (b) “Family…
Colo. Rev. Stat. § 15-1-801 Short title
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This part 8 shall be known and may be cited as the Colorado Fiduciaries' Powers Act. Source: L. 67: p. 766, � 1. C.R.S. 1963: � 57-8-1.
Colo. Rev. Stat. § 15-1-802 Definitions
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As used in this part 8, unless the context otherwise requires: (1) Court means the district or probate court having jurisdiction over the administration of the estate or trust. (2) Estate means the estate of a decedent or a person under disability. (3) (a) Fiduciary means the one…
Colo. Rev. Stat. § 15-1-803 Powers conferred on fiduciaries
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Fiduciaries have all powers conferred upon them by the provisions of this part 8, unless limited by the language or provisions in the will or trust instrument expressing a clear intention that powers conferred under this part 8 shall be denied to the fiduciary. They have, in addi…
Colo. Rev. Stat. § 15-1-804 Powers available
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(1) During the period of administration of the estate or trust and until final distribution, a fiduciary has the power to perform, without court authorization, every act reasonably necessary to administer the estate or trust, including but not limited to the powers specified in s…
Colo. Rev. Stat. § 15-1-805 Powers of fiduciary conferred by court
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The court having jurisdiction of the estate or trust may authorize the fiduciary to exercise any power not otherwise held by the fiduciary which, in the judgment of the court, is necessary for the proper collection, care, administration, and protection of the estate or the trust.…
Colo. Rev. Stat. § 15-1-806 Third persons protected in dealing with fiduciary
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With respect to a third person dealing with a fiduciary or assisting a fiduciary in the conduct of a transaction, proper exercise of his powers by the fiduciary is to be presumed, and such third person shall not be bound to inquire whether the fiduciary has power to act or is pro…
Colo. Rev. Stat. § 15-1-807 Applicability
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This part 8 shall apply to all trusts existing on January 1, 1968, which are later amended to make applicable this part 8, and to all estates and trusts which may come into existence after January 1, 1968. Source: L. 67: p. 771, � 1. C.R.S. 1963: � 57-8-7.
Colo. Rev. Stat. § 15-5-1001 Remedies for breach of trust
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(1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. (2) To remedy a breach of trust that has occurred or may occur, the court may: (a) Compel the trustee to perform the trustee's duties; (b) Enjoin the trustee from committing a breach of…
Colo. Rev. Stat. § 15-5-1002 Damages for breach of trust
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(1) In addition to other remedies provided by this article 5, a trustee who commits a breach of trust is liable to the beneficiaries affected for the greater of: (a) The amount required to restore the value of the trust property and trust distributions to what they would have bee…
Colo. Rev. Stat. § 15-5-1003 Damages in absence of breach
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(1) A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. (2) Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value o…
Colo. Rev. Stat. § 15-5-1004 Compensation and costs
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Except as otherwise provided in this article 5, the provisions of part 6 of article 10 of this title 15 govern the entitlement to and payment of compensation and costs to trustees, their attorneys, and third parties involved with trusts. Source: L. 2018: Entire article added, (SB…
Colo. Rev. Stat. § 15-5-1005 Limitation of actions against trustee
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(1) A beneficiary may not commence a proceeding against a trustee for breach of trust more than one year after the date that the beneficiary or a person who may represent and bind the beneficiary, as provided in part 3 of this article 5, was sent a report that adequately disclose…
Colo. Rev. Stat. § 15-5-1006 Reliance on trust instrument
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A trustee who acts in reasonable reliance on the terms of the trust is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1185, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-1007 Event affecting administration or distribution
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If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss result…
Colo. Rev. Stat. § 15-5-1008 Exculpation of trustee
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(1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that it: (a) Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the b…
Colo. Rev. Stat. § 15-5-1009 Beneficiary's consent, release, or ratification
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(1) A trustee is not liable to a beneficiary for breach of trust if the beneficiary consented to the conduct constituting the breach, released the trustee from liability for the breach, or ratified the transaction constituting the breach, unless: (a) The consent, release, or rati…
Colo. Rev. Stat. § 15-5-101 Short title
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This article 5 is known and may be cited as the Colorado Uniform Trust Code and is referred to in this article 5 as this code or code. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1144, � 1, effective January 1, 2019.
Colo. Rev. Stat. § 15-5-1010 Limitation on personal liability of trustee
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(1) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee's fiduciary capacity in the course of administering the trust if the trustee in the contract disclosed the fiduciary capacity. (2) A trustee is …
Colo. Rev. Stat. § 15-5-1011 Interest as a general partner
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(1) Except as provided in subsection (3) of this section, or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after…
Colo. Rev. Stat. § 15-5-1012 Protection of person dealing with trustee
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(1) A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, without knowledge that the trustee is exceeding or improperly exercising the trustee's powers, is protected from liability as if the trustee were pr…