Title 15, Probate, Trusts, and Fiduciaries
0 chapters · 926 sections in this title.
Colo. Rev. Stat. § 15-1-1001 Legislative declaration
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It is the purpose of this part 10 to preserve the intent of testators and grantors of testamentary and inter vivos trusts created prior to and after June 2, 1971, for charitable, educational, religious, and benevolent purposes, by minimizing the imposition of federal income and e…
Colo. Rev. Stat. § 15-1-1002 Prohibition of certain acts - amendment of governing instrument
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(1) In the administration of any trust which is a private foundation as defined in section 509 of the federal “Internal Revenue Code of 1986”, a charitable trust as defined in section 4947 (a)(1) of the federal “Internal Revenue Code of 1986”, or a split-interest trust as defined…
Colo. Rev. Stat. § 15-1-1003 Requirement for distribution of certain amounts
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In the administration of any trust which is a private foundation, as defined in section 509 of the federal Internal Revenue Code of 1986, or which is a charitable trust, as defined in section 4947 (a)(1) of the federal Internal Revenue Code of 1986, there shall be distributed, fo…
Colo. Rev. Stat. § 15-1-1004 Applicability of sections 15-1-1002 and 15-1-1003
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The provisions of sections 15-1-1002 and 15-1-1003 shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the instrument governing such trust and that the terms of such instrument m…
Colo. Rev. Stat. § 15-1-1005 Rights and powers of courts and attorney general not impaired
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Nothing in this part 10 shall impair the rights and powers of the courts or the attorney general of this state with respect to any trust. Source: L. 71: p. 590, � 1. C.R.S. 1963: � 57-10-5.
Colo. Rev. Stat. § 15-1-1006 References to Internal Revenue Code of 1954
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All references to sections of the Internal Revenue Code of 1954 refer to the Internal Revenue Code of 1954 as it exists on June 2, 1971; except that all references to the Internal Revenue Code of 1954 in section 15-1-1002 (3) and (5) refer to the Internal Revenue Code of 1954 as …
Colo. Rev. Stat. § 15-1-1007 Application of part 10
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This part 10 shall apply to all trusts established after December 31, 1969, with the exceptions contained in section 4947 (a)(2) of the federal Internal Revenue Code of 1986. This part 10 shall also apply to all trusts established before January 1, 1970, with the exceptions conta…
Colo. Rev. Stat. § 15-1-101 Short title
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This part 1 shall be known and may be cited as the Uniform Fiduciaries Law. Source: L. 23: p. 178, � 14. CSA: C. 67, � 14. CRS 53: � 57-1-14. C.R.S. 1963: � 57-1-13.
Colo. Rev. Stat. § 15-1-102 Legislative declaration
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This part 1 shall be interpreted and construed so as to effectuate its general purpose to make uniform the law of those states which enact it. Source: L. 23: p. 178, � 13. CSA: C. 67, � 13. CRS 53: � 57-1-13. C.R.S. 1963: � 57-1-12.
Colo. Rev. Stat. § 15-1-103 Definitions
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As used in this part 1, unless the context otherwise requires: (1) Bank includes any person or association of persons, whether incorporated or not, carrying on the business of banking. (2) Fiduciary includes a trustee under any trust, expressed, implied, resulting, or constructiv…
Colo. Rev. Stat. § 15-1-104 Prior transactions
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The provisions of this part 1 shall not apply to transactions taking place prior to April 16, 1923. Source: L. 23: p. 178, � 11. CSA: C. 67, � 11. CRS 53: � 57-1-11. C.R.S. 1963: � 57-1-10.
Colo. Rev. Stat. § 15-1-105 Application of payments to fiduciary
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A person who in good faith pays or transfers to a fiduciary any money or other property which the fiduciary as such is authorized to receive is not responsible for the proper application thereof by the fiduciary; and any right or title acquired from the fiduciary in consideration…
Colo. Rev. Stat. § 15-1-106 Transfer of negotiable instruments by fiduciary
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If any negotiable instrument payable or indorsed to a fiduciary as such is indorsed by the fiduciary, or if any negotiable instrument payable or indorsed to his principal is indorsed by a fiduciary empowered to indorse such instrument on behalf of his principal, the indorsee is n…
Colo. Rev. Stat. § 15-1-107 Check drawn by fiduciary payable to third person, effect
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If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, the payee is not bound to inquire whether the fiduciary is committing a breach of his obligations as…
Colo. Rev. Stat. § 15-1-108 Check drawn by and payable to fiduciary, effect
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If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the fiduciary personally or payable to a third person and by him transferred to the fiduc…
Colo. Rev. Stat. § 15-1-109 Deposit in name of fiduciary
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If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with the name in which such deposit is entered, without being liable to the principal, unless t…
Colo. Rev. Stat. § 15-1-110 Check drawn upon account of principal by fiduciary
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If a check is drawn upon the account of his principal in a bank by a fiduciary who is empowered to draw checks upon his principal's account, the bank is authorized to pay such check without being liable to the principal, unless the bank pays the check with actual knowledge that t…
Colo. Rev. Stat. § 15-1-1101 Short title
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This part 11 shall be known and may be cited as the Uniform Prudent Management of Institutional Funds Act. Source: L. 2008: Entire part R&RE, p. 559, � 1, effective September 1. Editor's note: This section is similar to former � 15-1-1101 as it existed prior to 2008.
Colo. Rev. Stat. § 15-1-1102 Definitions
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As used in this part 11, unless the context otherwise requires: (1) Charitable purpose means the relief of poverty, the advancement of education or religion, the promotion of health, or any other charitable or eleemosynary purpose. (2) Endowment fund means an institutional fund o…
Colo. Rev. Stat. § 15-1-1103 Standard of conduct in managing and investing institutional fund
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(a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund. (b) In addition to complying with the duty o…
Colo. Rev. Stat. § 15-1-1104 Appropriation for expenditure of accumulation of endowment fund - rules of construction
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(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is…
Colo. Rev. Stat. § 15-1-1105 Delegation of management and investment functions
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(a) Subject to any specific limitation set forth in a gift instrument or in law other than this part 11, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the ci…
Colo. Rev. Stat. § 15-1-1106 Release or modification of restrictions on management, investment, or purpose
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(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow an institutional fund to be u…
Colo. Rev. Stat. § 15-1-1107 Reviewing compliance
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Compliance with this part 11 is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. Source: L. 2008: Entire part R&RE, p. 564, � 1, effective September 1.
Colo. Rev. Stat. § 15-1-1108 Application to existing institutional funds
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This part 11 applies to institutional funds existing on or established after September 1, 2008. As applied to institutional funds existing on September 1, 2008, this part 11 governs only decisions made or actions taken on or after said date. Source: L. 2008: Entire part R&RE, p. …
Colo. Rev. Stat. § 15-1-1109 Relation to “Electronic Signatures in Global and National Commerce Act”
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This part 11 modifies, limits, and supersedes the ”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 (a) of that act, 15 U.S.C. sec. 7001 (a), or authorize electronic delivery of any of th…
Colo. Rev. Stat. § 15-1-111 Deposits in personal account of fiduciary
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If a fiduciary makes a deposit in a bank to his personal credit of checks drawn by him upon an account in his own name as fiduciary, or of checks payable to him as fiduciary, or of checks drawn by him upon an account in the name of his principal if he is empowered to draw checks …
Colo. Rev. Stat. § 15-1-1110 Uniformity of application and construction
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In applying and construing this part 11, 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. 2008: Entire part R&RE, p. 565, � 1, effective September 1. Editor's note: This section is s…
Colo. Rev. Stat. § 15-1-112 Deposits in name of two or more trustees
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When a deposit is made in a bank in the name of two or more persons as trustees and a check is drawn upon the trust account by any trustee authorized by the other trustee to draw checks upon the trust account, neither the payee nor other holder nor the bank is bound to inquire wh…
Colo. Rev. Stat. § 15-1-112.5 Liability of a fiduciary for acts of predecessor fiduciary
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In the absence of actual knowledge or information which would cause a reasonable fiduciary to inquire further, a fiduciary shall be under no duty to examine the accounts and records of or inquire into the acts or omissions of a predecessor fiduciary and shall not be liable for fa…
Colo. Rev. Stat. § 15-1-113 Cases not provided for in law
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In any case not provided for in this part 1, the rules of law and equity, including the law merchant and those rules of law and equity relating to trusts, agency, negotiable instruments, and banking, shall continue to apply. Source: L. 23: p. 178, � 12. CSA: C. 67, � 12. CRS 53: …
Colo. Rev. Stat. § 15-1-1201 Life estate in property - rights of surviving spouse
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(1) Unless the instrument provides otherwise, any devise of a life estate in property to a surviving spouse by a decedent spouse shall entitle the surviving spouse to: (a) All income for life from the entire interest in or specific portion of the property, payable annually or at …
Colo. Rev. Stat. § 15-1-1202 Applicability of part
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This part 12 shall apply to the estate of any person whose death occurred after December 31, 1981. Source: L. 88: Entire part added, p. 648, � 1, effective May 17.
Colo. Rev. Stat. § 15-1-1401 Restrictions on exercise of certain fiduciary powers
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(1) (a) Due to the inherent conflict of interest that exists between a trustee who is a beneficiary of a trust and other beneficiaries of the trust, any of the following powers conferred upon a trustee shall not be exercised by such trustee: (I) To make or cause to be made discre…
Colo. Rev. Stat. § 15-1-1501 Short title
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This part 15 may be cited as the Revised Uniform Fiduciary Access to Digital Assets Act. Source: L. 2016: Entire part added, (SB 16-088), ch. 71, p. 179, � 1, effective August 10.
Colo. Rev. Stat. § 15-1-1502 Definitions
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In this part 15: (1) Account means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. (2) Agent means an attorney-in-fact granted authorit…
Colo. Rev. Stat. § 15-1-1503 Applicability
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(1) This part 15 applies to: (a) A fiduciary acting under a will or power of attorney executed before, on, or after August 10, 2016; (b) A personal representative acting for a decedent who died before, on, or after August 10, 2016; (c) A conservatorship proceeding commenced befor…
Colo. Rev. Stat. § 15-1-1504 User direction for disclosure of digital assets
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(1) A user may use an on-line tool to direct the custodian to disclose to a designated recipient or to not disclose some or all of the user's digital assets, including the content of electronic communications. If the on-line tool allows the user to modify or delete a direction at…
Colo. Rev. Stat. § 15-1-1505 Terms-of-service agreement
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(1) This part 15 does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user. (2) This part 15 does not give a fiduciary or designated recipient any new or expanded rights other than those held by the …
Colo. Rev. Stat. § 15-1-1506 Procedure for disclosing digital assets
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(1) When disclosing digital assets of a user under this part 15, the custodian may at its sole discretion: (a) Grant a fiduciary or designated recipient full access to the user's account; (b) Grant a fiduciary or designated recipient partial access to the user's account sufficien…
Colo. Rev. Stat. § 15-1-1507 Disclosure of content of electronic communications of deceased user
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(1) If a deceased user consented or a court directs disclosure of the contents of electronic communications of the user, the custodian shall disclose to the personal representative of the estate of the user the content of an electronic communication sent or received by the user i…
Colo. Rev. Stat. § 15-1-1508 Disclosure of other digital assets of deceased user
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(1) Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalog of electronic communications sent or received by the user and digital assets, other tha…
Colo. Rev. Stat. § 15-1-1509 Disclosure of content of electronic communications of principal
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(1) To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal and unless directed otherwise by the principal or the court, a custodian shall disclose to the agent the content if the agent …
Colo. Rev. Stat. § 15-1-1510 Disclosure of other digital assets of principal
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(1) Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf of a principal a catalog of electronic communications…
Colo. Rev. Stat. § 15-1-1511 Disclosure of digital assets held in trust when trustee is original user
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Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including a catalog of electronic communications of the trustee and the content of electron…
Colo. Rev. Stat. § 15-1-1512 Disclosure of contents of electronic communications held in trust when trustee not original user
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(1) Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the content of an electronic communication sent or received by an original or successor user and carried, ma…
Colo. Rev. Stat. § 15-1-1513 Disclosure of other digital assets held in trust when trustee not original user
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(1) Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalog of electronic communications sent or received by an original or successor user and stored, carri…
Colo. Rev. Stat. § 15-1-1514 Disclosure of digital assets to conservator of protected person
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(1) After an opportunity for a hearing under article 14 of this title, the court may grant a conservator access to the digital assets of a protected person. (2) Unless otherwise ordered by the court or directed by the user, a custodian shall disclose to a conservator the catalog …
Colo. Rev. Stat. § 15-1-1515 Fiduciary duty and authority
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(1) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including: (a) The duty of care; (b) The duty of loyalty; and (c) The duty of confidentiality. (2) A fiduciary's or designated recipient's authority with…
Colo. Rev. Stat. § 15-1-1516 Custodian compliance and immunity
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(1) Not later than sixty days after receipt of the information required under sections 15-1-1507 to 15-1-1515, a custodian shall comply with a request under this part 15 from a fiduciary or designated recipient to disclose digital assets or terminate an account. If the custodian …