Colorado Uniform Trust Code

Colorado · Probate, Trusts · §§ 15-5-1001 to 15-5-818 · 104 sections

Overview

This act provides a general statutory framework for the creation, administration, and enforcement of trusts, setting out default rules that yield to the terms of the trust alongside a narrower set of mandatory rules that cannot be overridden, with the common law of trusts and principles of equity continuing to supplement it. It covers such matters as governing law and the principal place of administration, notice to beneficiaries and who is entitled to receive it, rules of construction, and the recognition of resulting and constructive trusts. It also governs the consequences of a trustee's conduct — remedies and damages for breach of trust, attorney fees, time limits on actions against a trustee, exculpation clauses and beneficiary consent or release, limits on a trustee's personal liability to third parties, and protection for those who deal with a trustee in reliance on a certification of trust — while allowing interested parties to resolve certain questions among themselves through nonjudicial settlement agreements rather than in court.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

C.R.S. § 15-5-1001Remedies for breach of trust
C.R.S. § 15-5-1002Damages for breach of trust
C.R.S. § 15-5-1003Damages in absence of breach
C.R.S. § 15-5-1004Compensation and costs
C.R.S. § 15-5-1005Limitation of actions against trustee
C.R.S. § 15-5-1006Reliance on trust instrument
C.R.S. § 15-5-1007Event affecting administration or distribution
C.R.S. § 15-5-1008Exculpation of trustee
C.R.S. § 15-5-1009Beneficiary’s consent, release, or ratification
C.R.S. § 15-5-101Short title
C.R.S. § 15-5-1010Limitation on personal liability of trustee
C.R.S. § 15-5-1011Interest as a general partner
C.R.S. § 15-5-1012Protection of person dealing with trustee
C.R.S. § 15-5-1013Certification of trust
C.R.S. § 15-5-102Scope
C.R.S. § 15-5-103Definitions
C.R.S. § 15-5-104Knowledge
C.R.S. § 15-5-105Default and mandatory rules
C.R.S. § 15-5-106Common law of trusts
C.R.S. § 15-5-107Governing law
C.R.S. § 15-5-108Principal place of administration
C.R.S. § 15-5-109Methods and waiver of notice in matters other than judicial proceedings
C.R.S. § 15-5-110Others treated as qualified beneficiaries
C.R.S. § 15-5-111Nonjudicial settlement agreements
C.R.S. § 15-5-112Rules of construction
C.R.S. § 15-5-113Alternate dispute resolution
C.R.S. § 15-5-114Insurable interest of trustee
C.R.S. § 15-5-1301Life insurance policy owned by a trustee
C.R.S. § 15-5-1401Uniformity of application and construction
C.R.S. § 15-5-1402Electronic records and signatures
C.R.S. § 15-5-1403Severability clause
C.R.S. § 15-5-1404Application to existing relationships
C.R.S. § 15-5-201Role of court in administration of trust
C.R.S. § 15-5-202Jurisdiction over trustee and beneficiary
C.R.S. § 15-5-203Subject matter jurisdiction
C.R.S. § 15-5-204Venue
C.R.S. § 15-5-205Registration of trusts
C.R.S. § 15-5-206Registration procedures and content of statement
C.R.S. § 15-5-207Effect of failure to register
C.R.S. § 15-5-208Registration
C.R.S. § 15-5-209Release of trust registration statement
C.R.S. § 15-5-210Judicially approved settlements
C.R.S. § 15-5-301Representation
C.R.S. § 15-5-301.5Scope of representative’s authority and duty of certain representatives
C.R.S. § 15-5-302Representation by a holder of general testamentary power of appointment
C.R.S. § 15-5-303Representation by fiduciaries and parents
C.R.S. § 15-5-304Representation by person having substantially identical interest
C.R.S. § 15-5-305Appointment of representative
C.R.S. § 15-5-401Methods of creating trust
C.R.S. § 15-5-402Requirements for creation
C.R.S. § 15-5-403Trusts created in other jurisdictions
C.R.S. § 15-5-404Trust purposes
C.R.S. § 15-5-405Charitable purposes
C.R.S. § 15-5-406Creation of trust induced by fraud, duress, or undue influence
C.R.S. § 15-5-407Evidence of oral trust
C.R.S. § 15-5-408Trust for care of an animal
C.R.S. § 15-5-409Noncharitable trust without ascertainable beneficiary
C.R.S. § 15-5-409.5Additional provisions applicable to noncharitable trusts without ascertainable beneficiary and trusts for care of animal
C.R.S. § 15-5-410Modification or termination of trust
C.R.S. § 15-5-411Modification or termination of noncharitable irrevocable trust by consent
C.R.S. § 15-5-412Modification or termination because of unanticipated circumstances or inability to administer trust effectively
C.R.S. § 15-5-413Cy pres
C.R.S. § 15-5-414Modification or termination of uneconomic trust
C.R.S. § 15-5-415Reformation to correct mistakes
C.R.S. § 15-5-416Modification to achieve settlor’s tax objectives
C.R.S. § 15-5-417Combination and division of trusts
C.R.S. § 15-5-501Rights of beneficiary’s creditor or assignee
C.R.S. § 15-5-502Spendthrift provision
C.R.S. § 15-5-503Exceptions to spendthrift provision
C.R.S. § 15-5-504Discretionary trusts
C.R.S. § 15-5-505Creditor’s claim against a settlor
C.R.S. § 15-5-506Overdue distribution
C.R.S. § 15-5-507Personal obligations of trustee
C.R.S. § 15-5-508Application of part
C.R.S. § 15-5-602Revocation or amendment of revocable trust
C.R.S. § 15-5-603Settlor’s powers
C.R.S. § 15-5-604Limitation on action contesting validity of revocable trust
C.R.S. § 15-5-701Accepting or declining trusteeship
C.R.S. § 15-5-702Trustee’s bond
C.R.S. § 15-5-703Cotrustees
C.R.S. § 15-5-704Vacancy in trusteeship
C.R.S. § 15-5-705Resignation of trustee
C.R.S. § 15-5-706Removal of trustee
C.R.S. § 15-5-707Delivery of property by former trustee
C.R.S. § 15-5-708Compensation of trustee
C.R.S. § 15-5-709Reimbursement of expenses
C.R.S. § 15-5-801Duty to administer trust
C.R.S. § 15-5-802Duty of loyalty
C.R.S. § 15-5-803Impartiality
C.R.S. § 15-5-804Prudent administration
C.R.S. § 15-5-805Costs of administration
C.R.S. § 15-5-806Trustee’s skills
C.R.S. § 15-5-807Delegation by trustee
C.R.S. § 15-5-808Powers to direct
C.R.S. § 15-5-809Control and protection of trust property
C.R.S. § 15-5-810Record keeping and identification of trust property
C.R.S. § 15-5-811Enforcement and defense of claims
C.R.S. § 15-5-812Collecting trust property
C.R.S. § 15-5-813Duty to inform and report
C.R.S. § 15-5-814Discretionary powers
C.R.S. § 15-5-815General powers of trustee
C.R.S. § 15-5-816Specific powers of trustee
C.R.S. § 15-5-817Distribution on termination
C.R.S. § 15-5-818Reimbursement for taxes

Enacted in other states

Alabama, Connecticut, District of Columbia, Hawaii, Kentucky, Massachusetts, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Jersey, New Mexico, Oklahoma, Oregon, Tennessee, West Virginia, Wyoming

All Colorado named statutes →

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