reglab/housing_qa huggingface dataset:
CO Code § 15-1-702 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 7 - Fiduciary Interests in Entities|§ 15-1-702. Family Business Interests - Maintenance of Entity - Formation of Successor Entity

  As used in this section, unless the context otherwise requires:   “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.    “Family business” means a business enterprise with respect to which the aggregate interests of the family are substantial in relation to the total outstanding interests in the business enterprise.    “Interest” and “interests” include beneficial interests as beneficiaries of any estate or trust and indirect interests through any other form of entity.    “Successor entity” includes the entity holding the family business where such entity survives a consolidation, merger, acquisition, or other combination.       Any fiduciary acting under a will or trust instrument that evidences an intent to retain an interest in a family business may maintain the interest in any form of entity or successor entity. Such a successor entity may be formed by consolidation, merger, acquisition, or other combination and shall be considered the same enterprise for purposes of maintaining the interest in the family business where the interests of the beneficiaries in the successor entity are substantial.    Except as otherwise provided in the instrument under which the fiduciary is acting:   A fiduciary may proceed as provided in this subsection (3) with the formation of such a successor entity where the fiduciary believes in good faith that the formation is on a favorable basis considering only the overall interests of the beneficiaries including the maintenance of a substantial interest on the part of the beneficiaries in the enterprise and the value of such interest in the long term.    A fiduciary may vote and otherwise deal with respect to interests in the family business as the fiduciary believes in the good faith exercise of the fiduciary's business judgment, under the business judgment rule, to be necessary or appropriate to complete such formation on such a favorable basis.    A fiduciary may, in the good faith exercise of such judgment, accept a reduced participation in equity, voting, and other rights and preferences including a reduction in voting rights that results in less than voting control of the successor entity.    A fiduciary may proceed without notice to the beneficiaries where disclosure is forbidden by law or where the fiduciary believes in the good faith exercise of such judgment, that nondisclosure is necessary to complete such formation on such a favorable basis.       This section shall apply to any interests held by an estate or trust in a family business on or after May 26, 2000, and to the formation of any entity or successor entity completed after May 26, 2000.     History. Source: L. 2000: Entire section added, p. 1171, § 1, effective May 26.
CO Code § 15-1-801 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 8 - Powers|§ 15-1-801. Short Title

 This part 8 shall be known and may be cited as the “Colorado Fiduciaries' Powers Act”.   History. Source: L. 67: P. 766, § 1. C.R.S. 1963: § 57-8-1. History. Source: L. 67: P. 766, § 1. C.R.S. 1963: § 57-8-1.
CO Code § 15-1-803 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 8 - Powers|§ 15-1-803. Powers Conferred on Fiduciaries

 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 addition to the powers conferred in this part 8, such other or further powers as are set forth in the will or trust instrument or as are provided by other statutes or by court rule or order. If any power specifically conferred on a fiduciary by the will or trust instrument conflicts with any power conferred by this part 8, the fiduciary shall be deemed to have only the power specifically conferred by the will or trust instrument and not the conflicting power conferred by this part 8. Provisions in articles 10 to 20 of this title concerning the exercise of powers in the administration of an estate by an executor having powers under a will shall apply to executors having powers conferred under this part 8.   History. Source: L. 67: P. 767, § 1. C.R.S. 1963: § 57-8-3. L. 73: P. 1648, § 8. History. Source: L. 67: P. 767, § 1. C.R.S. 1963: § 57-8-3. L. 73: P. 1648, § 8.    ANNOTATION   Applied in Fry & Co. v. District Court, 653 P.2d 1135 (Colo. 1982).
CO Code § 15-1-805 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 8 - Powers|§ 15-1-805. Powers of Fiduciary Conferred by Court

 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.   History. Source: L. 67: P. 770, § 1. C.R.S. 1963: § 57-8-5. History. Source: L. 67: P. 770, § 1. C.R.S. 1963: § 57-8-5.
CO Code § 15-1-806 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 8 - Powers|§ 15-1-806. Third Persons Protected in Dealing With Fiduciary

 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 properly exercising such powers, nor shall such third person be bound to see to the proper application of estate or trust assets paid or delivered to the fiduciary.   History. Source: L. 67: P. 770, § 1. C.R.S. 1963: § 57-8-6. History. Source: L. 67: P. 770, § 1. C.R.S. 1963: § 57-8-6.
CO Code § 15-1-807 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 8 - Powers|§ 15-1-807. Applicability

 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.   History. Source: L. 67: P. 771, § 1. C.R.S. 1963: § 57-8-7. History. Source: L. 67: P. 771, § 1. C.R.S. 1963: § 57-8-7.
CO Code § 15-1-1001 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 10 - Charitable, Educational, Religious, and Benevolent Trusts|§ 15-1-1001. Legislative Declaration

 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 excise taxes, and federal estate and gift taxes, imposed upon the assets of such trusts, and thereby preserving the maximum amount of the trust assets for the charitable, educational, religious, and benevolent purposes for which they were intended. The attorney general of this state shall perform such acts as, in his or her opinion, will result in the effectuation of this declaration of purpose.   History. Source: L. 71: P. 589, § 1. C.R.S. 1963: § 57-10-1. L. 73: P. 638, § 1. L. 2016: Entire section amended,(HB 16-1094), ch. 94, p. 266, § 9, effective August 10. History. Source: L. 71: P. 589, § 1. C.R.S. 1963: § 57-10-1. L. 73: P. 638, § 1. L. 2016: Entire section amended,(HB 16-1094), ch. 94, p. 266, § 9, effective August 10.    ANNOTATION   An express trust was created by implication in fact, rather than theory of implied trust in case where loyal minority members of local church sought to recover possession of church's property from seceding majority members. Bishop and Diocese of Colo. v. Mote, 716 P.2d 85 (Colo. 1986), cert. denied, 479 U.S. 826, 107 S. Ct. 102, 93 L. Ed. 2d 52 (1986).
CO Code § 15-1-1003 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 10 - Charitable, Educational, Religious, and Benevolent Trusts|§ 15-1-1003. Requirement for Distribution of Certain Amounts

 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, for the purposes specified in the trust instrument, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the federal “Internal Revenue Code of 1986”. No trustee of such a trust shall be required to reimburse the trust from his own property for the amount of any liability for such tax which is incurred by the trust if the trustee acted in a prudent manner and in good faith. No trustee of such a trust shall be required to reimburse the trust from his own property for any amount which he, acting prudently and in good faith, distributes from the trust, believing it to be required to be distributed in order to avoid the liability for such tax, but which later is determined not to have been required to be distributed for that purpose.   History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-3. L. 2000: Entire section amended, p. 1845, § 26, effective August 2. History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-3. L. 2000: Entire section amended, p. 1845, § 26, effective August 2.
CO Code § 15-1-1004 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 10 - Charitable, Educational, Religious, and Benevolent Trusts|§ 15-1-1004. Applicability of Sections 15-1-1002 and 15-1-1003

 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 may not properly be changed to conform to such sections.   History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-4. History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-4.
CO Code § 15-1-1005 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 10 - Charitable, Educational, Religious, and Benevolent Trusts|§ 15-1-1005. Rights and Powers of Courts and Attorney General Not Impaired

 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.   History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-5. History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-5.
CO Code § 15-1-1006 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 10 - Charitable, Educational, Religious, and Benevolent Trusts|§ 15-1-1006. References to “Internal Revenue Code of 1954”

 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 it exists on April 19, 1973.   History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-6. L. 73: P. 639, § 3. History. Source: L. 71: P. 590, § 1. C.R.S. 1963: § 57-10-6. L. 73: P. 639, § 3.
CO Code § 15-1-1007 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 10 - Charitable, Educational, Religious, and Benevolent Trusts|§ 15-1-1007. Application of Part 10

 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 contained in section 508 (e)(2) and section 4947 (a)(2) of the federal “Internal Revenue Code of 1986”. Section 15-1-1002 (3) to (5) shall apply in the case of all decedents dying after December 31, 1969, and in the case of all irrevocable inter vivos trusts created after July 31, 1969.   History. Source: L. 71: P. 591, § 1. C.R.S. 1963: § 57-10-7. L. 73: P. 639, § 4. L. 2000: Entire section amended, p. 1846, § 27, effective August 2. History. Source: L. 71: P. 591, § 1. C.R.S. 1963: § 57-10-7. L. 73: P. 639, § 4. L. 2000: Entire section amended, p. 1846, § 27, effective August 2.
CO Code § 15-1-1101 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 11 - Uniform Prudent Management of Institutional Funds Act|§ 15-1-1101. Short Title

 This part 11 shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act”.   History. 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.   ANNOTATION   Law reviews. For article, “Uniform State Laws of Interest to Colorado Probate Lawyers”, see 14 Colo. Law. 1961 (1985). For article, “Modern Tomb Raiders: Nonprofit Organizations' Impermissible Use of Restricted Funds”, see 31 Colo. Law. 57 (Sept. 2002).
CO Code § 15-1-1107 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 11 - Uniform Prudent Management of Institutional Funds Act|§ 15-1-1107. Reviewing Compliance

 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.   History. Source: L. 2008: Entire part R&RE, p. 564, § 1, effective September 1.
CO Code § 15-1-1108 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 11 - Uniform Prudent Management of Institutional Funds Act|§ 15-1-1108. Application to Existing Institutional Funds

 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.   History. Source: L. 2008: Entire part R&RE, p. 565, § 1, effective September 1.
CO Code § 15-1-1109 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 11 - Uniform Prudent Management of Institutional Funds Act|§ 15-1-1109. Relation to “Electronic Signatures in Global and National Commerce Act”

 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 the notices described in section 103 (b) of that act, 15 U.S.C. sec. 7003 (b).   History. Source: L. 2008: Entire part R&RE, p. 565, § 1, effective September 1.
CO Code § 15-1-1110 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 11 - Uniform Prudent Management of Institutional Funds Act|§ 15-1-1110. Uniformity of Application and Construction

 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.   History. Source: L. 2008: Entire part R&RE, p. 565, § 1, effective September 1.    Editor's note:   This section is similar to former § 15-1-1102 as it existed prior to 2008.
CO Code § 15-1-1201 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 12 - Life Estate in Property of Surviving Spouse|§ 15-1-1201. Life Estate in Property - Rights of Surviving Spouse

  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:   All income for life from the entire interest in or specific portion of the property, payable annually or at more frequent intervals;    Exclusive beneficial enjoyment of the property during his life, including such income or use of the property as is consistent with the value of the property and its preservation; except that, during the surviving spouse's lifetime, no person other than the surviving spouse may receive any distribution of the property or its income; and    Make the property productive or convert it into productive property within a reasonable time after the devise; except that, the exercise of such power shall be subject to the degree of judgment and care which a prudent person would use if he were the owner of the property. The proceeds of any such conversion shall be reinvested by the surviving spouse in a form subject to the life estate and remainder rights created by the decedent.       The provisions of this part 12 shall be interpreted consistently with the requirements of section 2056 (b)(7) of the federal “Internal Revenue Code of 1986”, as amended, if the personal representative of the estate of the decedent spouse elects to treat such life estate as qualified terminable interest property under said Internal Revenue Code section.     History. Source: L. 88: Entire part added, p. 647, § 1, effective May 17. L. 2000: (2) amended, p. 1846, § 28, effective August 2.
CO Code § 15-1-1202 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 12 - Life Estate in Property of Surviving Spouse|§ 15-1-1202. Applicability of Part

 This part 12 shall apply to the estate of any person whose death occurred after December 31, 1981.   History. Source: L. 88: Entire part added, p. 648, § 1, effective May 17.
CO Code § 15-1-1501 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 15 - Revised Uniform Fiduciary Access to Digital Assets Act|§ 15-1-1501. Short Title

 This part 15 may be cited as the “Revised Uniform Fiduciary Access to Digital Assets Act”.   History. Source: L. 2016: Entire part added, (SB 16-088), ch. 71, p. 179, § 1, effective August 10.
CO Code § 15-1-1504 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 15 - Revised Uniform Fiduciary Access to Digital Assets Act|§ 15-1-1504. User Direction for Disclosure of Digital Assets

  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 all times, a direction regarding disclosure using an on-line tool overrides a contrary direction by the user in a will, trust, power of attorney, or other record.    If a user has not used an on-line tool to give direction under subsection (1) of this section or if the custodian has not provided an on-line tool, the user may allow or prohibit in a will, trust, power of attorney, or other record, disclosure to a fiduciary of some or all of the user's digital assets, including the content of electronic communications sent or received by the user.    A user's direction under subsection (1) or (2) of this section overrides a contrary provision in a terms-of-service agreement that does not require the user to act affirmatively and distinctly from the user's assent to the terms of service.     History. Source: L. 2016: Entire part added,(SB 16-088), ch. 71, p. 182, § 1, effective August 10.    OFFICIAL COMMENT   This section addresses the relationship of online tools, other records documenting the user's intent, and terms-of-service agreements. In some instances, there may be a conflict between the directions provided by a user in an online tool that limits access by other parties to the user's digital assets, and the user's estate planning or other personal documents that purport to authorize access for specified persons in identified situations. The act attempts to balance these interests by establishing a three-tier priority system for determining the user's intent with respect to any digital asset.   Subsection (1) gives top priority to a user's wishes as expressed using an online tool. If a custodian of digital assets allows the user to provide directions for handling those digital assets in case of the user's death or incapacity, and the user does so, that provides the clearest possible indication of the user's intent and is specifically limited to those particular digital assets.   If the user does not give direction using an online tool, but makes provisions in an estate plan for the disposition of digital assets, subsection (2) gives legal effect to the user's directions. The fiduciary charged with managing the user's digital assets must provide a copy of the relevant document to the custodian when requesting access. See Sections 1507 through 1514.   If the user provides no other direction, the terms-of-service governing the account will apply. If the terms-of-service do not address fiduciary access to digital assets, the default rules provided in this act will apply.
CO Code § 15-1-1505 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 15 - Revised Uniform Fiduciary Access to Digital Assets Act|§ 15-1-1505. Terms-of-Service Agreement

  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.    This part 15 does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.    A fiduciary's or designated recipient's access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under section 15-1-1504.     History. Source: L. 2016: Entire part added,(SB 16-088), ch. 71, p. 182, § 1, effective August 10.    OFFICIAL COMMENT   This section clarifies that, to the extent that a custodian gives a fiduciary access to an account pursuant to Section 1506, the account's terms-of-service agreement applies equally to the original user and to a fiduciary acting for the original user. A fiduciary is subject to the same terms and conditions of the user's agreement with the custodian. This section does not require a custodian to permit a fiduciary to assume a user's terms-of-service agreement if the custodian can otherwise comply with Section 1506.