reglab/housing_qa huggingface dataset:
CO Code § 15-1.2-602 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 6 - Death of Individual or Termination of Income Interest (Effective January 1, 2022)|§ 15-1.2-602. Distribution to Successor Beneficiary

  [ ] Except to the extent part 3 of this article 1.2 applies for a beneficiary that is a trust, each beneficiary described in section 15-1.2-601 (6) is entitled to receive a share of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution, is entitled, as of each distribution date, to a share of the net income the fiduciary received after the decedent's death, an income interest's other terminating event, or the preceding distribution by the fiduciary.    In determining a beneficiary's share of net income under subsection (1) of this section, the following rules apply:   The beneficiary is entitled to receive a share of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date;    The beneficiary's fractional interest under subsection (2)(a) of this section must be calculated:   On the aggregate value of the assets as of the distribution date without reducing the value by any unpaid principal obligation; and    Without regard to:   Property specifically given to a beneficiary under the decedent's will or the terms of the trust; and    Property required to pay pecuniary amounts not in trust; and          The distribution date under subsection (2)(a) of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which the assets are distributed.       To the extent a fiduciary does not distribute under this section all the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain records showing the interest of each beneficiary in the net income.    If this section applies to income from an asset, a fiduciary may apply the rules in this section to net gain or loss realized from the disposition of the asset after the decedent's death, an income interest's terminating event, or the preceding distribution by the fiduciary.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 837, § 1, effective January 1, 2022.
CO Code § 15-1.2-701 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 7 - Apportionment at Beginning and End of Income Interest (Effective January 1, 2022)|§ 15-1.2-701. When Right to Income Begins and Ends

  [ ] An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to:   The trust for the current income beneficiary; or    A successive interest for a successor beneficiary.       An asset becomes subject to a trust under subsection (1)(a) of this section:   For an asset that is transferred to the trust during the settlor's life, on the date the asset is transferred;    For an asset that becomes subject to the trust because of a decedent's death, on the date of the decedent's death, even if there is an intervening period of administration of the decedent's estate; or    For an asset that is transferred to a fiduciary by a third party because of a decedent's death, on the date of the decedent's death.       An asset becomes subject to a successive interest under subsection (1)(b) of this section on the day after the preceding income interest ends, as determined under subsection (4) of this section, even if there is an intervening period of administration to wind up the preceding income interest.    An income interest ends on the day before an income beneficiary dies or another terminating event occurs or on the last day of a period during which there is no beneficiary to which a fiduciary may or must distribute income.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 838, § 1, effective January 1, 2022.
CO Code § 15-1.2-702 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 7 - Apportionment at Beginning and End of Income Interest (Effective January 1, 2022)|§ 15-1.2-702. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins

  [ ] A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which section 15-1.2-601 (2) applies, to principal if its due date occurs before the date on which:   For an estate, the decedent died; or    For a trust or successive interest, an income interest begins.       If the due date of a periodic income receipt or disbursement occurs on or after the date on which a decedent died or an income interest begins, a fiduciary shall allocate the receipt or disbursement to income.    If an income receipt or disbursement is not periodic or has no due date, a fiduciary shall treat the receipt or disbursement under this section as accruing from day to day. The fiduciary shall allocate to principal the portion of the receipt or disbursement accruing before the date on which a decedent died or an income interest begins, and to income the balance.    A receipt or disbursement is periodic under subsections (2) and (3) of this section if:   The receipt or disbursement must be paid at regular intervals under an obligation to make payments; or    The payor customarily makes payments at regular intervals.       An item of income or obligation is due under this section on the date the payor is required to make a payment. If a payment date is not stated, there is no due date.    Distributions to shareholders or other owners from an entity to which section 15-1.2-401 applies are due:   On the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution;    If no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or    If no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 839, § 1, effective January 1, 2022.
CO Code § 15-1.2-703 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 7 - Apportionment at Beginning and End of Income Interest (Effective January 1, 2022)|§ 15-1.2-703. Apportionment When Income Interest Ends - Definition

  [ ] In this section, “undistributed income” means net income received on or before the date on which an income interest ends. The term does not include an item of income or expense which is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.    Except as otherwise provided in subsection (3) of this section, when a mandatory income interest of a beneficiary ends, the fiduciary shall pay the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust to the beneficiary or, if the beneficiary does not survive the date the interest ends, to the beneficiary's estate.    If a beneficiary has an unqualified power to withdraw more than five percent of the value of a trust immediately before an income interest ends:   The fiduciary shall allocate to principal the undistributed income from the portion of the trust which may be withdrawn; and    Subsection (2) of this section applies only to the balance of the undistributed income.       When a fiduciary's obligation to pay a fixed annuity or a fixed fraction of the value of assets ends, the fiduciary shall prorate the final payment as required to preserve an income tax, gift tax, estate tax, or other tax benefit.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 840, § 1, effective January 1, 2022.
CO Code § 15-1.2-801 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 8 - Miscellaneous Provisions (Effective January 1, 2022)|§ 15-1.2-801. Uniformity of Application and Construction

 [ ] 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.  Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 840, § 1, effective January 1, 2022.
CO Code § 15-1.2-802 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 8 - Miscellaneous Provisions (Effective January 1, 2022)|§ 15-1.2-802. Relation to Electronic Signatures in Global and National Commerce Act

 [ ] This article 1.2 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 of the notices described in section 103 (b) of that act, 15 U.S.C. sec. 7003 (b).  Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 840, § 1, effective January 1, 2022.
CO Code § 15-1.2-803 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 8 - Miscellaneous Provisions (Effective January 1, 2022)|§ 15-1.2-803. Application to Trust or Estate

  [ ] Except as provided in the terms of the trust and subsection (2) of this section, this article 1.2 shall take effect on January 1, 2022.      This article 1.2 shall not apply to a trust established under a will or trust agreement existing and irrevocable on July 1, 2001, if a trustee of the trust has elected to apply the “Uniform Principal and Income Act” of this state that was in effect on June 30, 2001.    This article 1.2 shall not apply to a trust existing on July 1, 2001, in which no trustee had the authority to act under section 15-1-404 of the “Uniform Principal and Income Act”, subparts 1 to 6 of part 4 of article 1 of this title 15, as it existed on or after July 1, 2001, unless a trustee of the trust elected to apply the “Uniform Principal and Income Act” as it existed on or after July 1, 2001.       Editor's note: This section is effective January 1, 2022.   History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 840, § 1, effective January 1, 2022.
CO Code § 15-1.2-804 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 8 - Miscellaneous Provisions (Effective January 1, 2022)|§ 15-1.2-804. Severability

 [ ] If any provision of this article 1.2 or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this article 1.2 which can be given effect without the invalid provision or application, and to this end the provisions of this article 1.2 are severable.  Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 841, § 1, effective January 1, 2022.
CO Code § 15-2.5-101 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 2.5 - Uniform Powers of Appointment Act|Part 1 - General Provisions|§ 15-2.5-101. Short Title

 This article may be cited as the “Colorado Uniform Powers of Appointment Act”.   History. Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 772, § 1, effective July 1, 2015.
CO Code § 15-2.5-103 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 2.5 - Uniform Powers of Appointment Act|Part 1 - General Provisions|§ 15-2.5-103. Governing Law

  Unless the terms of the instrument creating a power of appointment manifest a contrary intent:   The creation, revocation, or amendment of the power is governed by the law of the donor's domicile at the relevant time; and    The exercise, release, or disclaimer of the power, or the revocation or amendment of the exercise, release, or disclaimer of the power, is governed by the law of the powerholder's domicile at the relevant time.        History. Source: L. 2014: Entire article added,(HB 14-1353), ch. 209, p. 774, § 1, effective July 1, 2015.    OFFICIAL COMMENT   This section provides default rules for determining the law governing the creation and exercise of, and related matters concerning, a power of appointment.   Unless the terms of the instrument creating the power provide otherwise, the actions of the donor--the creation, revocation, or amendment of the power--are governed by the law of the donor's domicile; and the actions of the powerholder--the exercise, release, or disclaimer, or the revocation or amendment thereof--are governed by the law of the powerholder's domicile.   In each case, the domicile is determined . For example, a donor's creation of a power is governed by the law of the donor's domicile at the time of the power's creation; and a donor's amendment of a power is governed by the law of the donor's domicile at the time of the amendment. Similarly, a powerholder's exercise of a power is governed by the law of the powerholder's domicile at the time of the exercise.  at the relevant time  The standard “public policy” rules of choice of law naturally continue to apply. See, for example, Restatement Second of Conflict of Laws § 187.   Subsection (1)(b) is a departure from older law. The older position was that the law of the donor's domicile governs acts both of the donor (such as the creation of the power) and of the powerholder (such as the exercise of the power). , 326 N.E.2d 896 (Mass. 1975); , 139 A.2d 393 (N.J. 1958).  See, e.g., Beals v. State Street Bank & Trust Co. Bank of New York v. Black  Subsection (1)(b) adopts the modern view that acts of the powerholder should be governed by the law of the powerholder's domicile, because that is the law the powerholder (or the powerholder's lawyer) is likely to know. This approach is supported by Restatement Third of Property: Wills and Other Donative Transfers § 19.1, Comment e; Restatement Second of Conflict of Laws § 275, Comment c. It is also supported by , 417 A.2d 152 (Pa. 1980); , 680 F.2d 1156 (7th Cir. 1982).  Estate of McMullin White v. United States  See generally, Restatement Third of Property: Wills and Other Donative Transfers § 19.1, Comment e; Restatement Second of Conflict of Laws § 275, Comment c.
CO Code § 15-2.5-104 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 2.5 - Uniform Powers of Appointment Act|Part 1 - General Provisions|§ 15-2.5-104. Supplementation by Common Law and Principles of Equity

 Unless displaced by the particular provisions of this article, the principles of law and equity supplement its provisions.   History. Source: L. 2014: Entire article added,(HB 14-1353), ch. 209, p. 774, § 1, effective July 1, 2015.    OFFICIAL COMMENT   This act codifies those portions of the law of powers of appointment that are most amenable to codification. The act is supplemented by the common law and principles of equity. To determine the common law and principles of equity in a particular state, a court might look first to prior case law in the state and to more general sources, such as the Restatement Third of Property: Wills and Other Donative Transfers. The common law is not static but includes the contemporary and evolving rules of decision developed by the courts in exercise of their power to adapt the law to new situations and changing conditions. It also includes the traditional and broad equitable jurisdiction of the court, which the act in no way restricts.   The statutory text of the act is also supplemented by these Comments, which, like the Comments to any Uniform Act, may be relied on as a guide for interpretation. , 817 N.W.2d 395 (S.D. 2012) (interpreting Uniform Commercial Code); , 644 S.E.2d 72 (Va. 2007) (interpreting Uniform Residential Landlord Tenant Act); , 621 A.2d 1304, 1307 (Conn. 1993) (interpreting Uniform Management of Institutional Funds Act); , 703 P.2d 169, 172 (N.M. 1985) (interpreting Uniform Commercial Code and describing the Comments as “persuasive” though “not binding”); Jack Davies, Legislative Law and Process in a Nutshell § 59-4 (3d ed. 2007).  See Stern Oil Co. v. Brown Isbell v. Commercial Investment Associates, Inc. Yale University v. Blumenthal GMAC v. Anaya  The text of and Comment to this section are based on Uniform Trust Code § 106 and its accompanying Comment.
CO Code § 15-2.5-202 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 2.5 - Uniform Powers of Appointment Act|Part 2 - Creation, Revocation, and Amendment of Power of Appointment|§ 15-2.5-202. Nontransferability

 A powerholder may not transfer a power of appointment. If a powerholder dies without exercising or releasing a power, the power lapses.   History. Source: L. 2014: Entire article added,(HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015.    OFFICIAL COMMENT   A power of appointment is nontransferable. The powerholder may not transfer the power to another person. (On the ability of the powerholder to exercise the power by conferring on a permissible appointee a new power of appointment over the appointive property, see Section 305.) If the powerholder dies without exercising or releasing the power, the power lapses. (If a power is held by multiple powerholders, which is rare, on the death of one powerholder that individual's power lapses but the power continues to be held by the surviving powerholders.) If the powerholder partially releases the power and dies without exercising the remaining part, the unexercised part of the power lapses. The power does not pass through the powerholder's estate to the powerholder's successors in interest.   The ability of an agent or guardian to create, revoke, exercise, or revoke the exercise of a power of appointment on behalf of a principal or ward is determined by other law, such as the Uniform Power of Attorney Act or the Uniform Guardianship and Protective Proceedings Act.   The rule of this section is consistent with, and this Comment draws on, the Restatement Third of Property: Wills and Other Donative Transfers § 17.1, Comment b.
CO Code § 15-2.5-203 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 2.5 - Uniform Powers of Appointment Act|Part 2 - Creation, Revocation, and Amendment of Power of Appointment|§ 15-2.5-203. Presumption of Unlimited Authority

  Subject to section 15-2.5-205, and unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is:   Presently exercisable;    Exclusionary; and    Except as otherwise provided in section 15-2.5-204, general.        History. Source: L. 2014: Entire article added,(HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015.    OFFICIAL COMMENT   In determining which type of power of appointment is created, the general principle of construction, articulated in this section, is that a power falls into the category giving the powerholder the maximum discretionary authority except to the extent the terms of the instrument creating the power restrict the powerholder's authority. Maximum discretion confers on the powerholder the flexibility to alter the donor's disposition in response to changing conditions.   In accordance with this presumption of unlimited authority, a power is general unless the terms of the creating instrument specify that the powerholder cannot exercise the power in favor of the powerholder, the powerholder's estate, or the creditors of either. A power is presently exercisable unless the terms of the creating instrument specify that the power can only be exercised at some later time or in some document such as a will that only takes effect at some later time. A power is exclusionary unless the terms of the creating instrument specify that a permissible appointee must receive a certain amount or portion of the appointive assets if the power is exercised.   This general principle of construction applies, unless the terms of the instrument creating the power of appointment provide otherwise. A well-drafted instrument intended to create a nongeneral or testamentary or nonexclusionary power will use clear language to achieve the desired objective. Not all instruments are well-drafted, however. A court may have to construe the terms of the instrument to discern the donor's intent. For principles of construction applicable to the creation of a power of appointment, see Restatement Third of Property: Wills and Other Donative Transfers Chapters 17 and 18, and the accompanying Commentary, containing many examples.
CO Code § 15-2.5-204 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 2.5 - Uniform Powers of Appointment Act|Part 2 - Creation, Revocation, and Amendment of Power of Appointment|§ 15-2.5-204. Exception to Presumption of Unlimited Authority

  Unless the terms of the instrument creating a power of appointment manifest a contrary intent, the power is nongeneral if:   The power is exercisable only at the powerholder's death; and    The permissible appointees of the power are a defined and limited class that does not include the powerholder's estate, the powerholder's creditors, or the creditors of the powerholder's estate.        History. Source: L. 2014: Entire article added,(HB 14-1353), ch. 209, p. 775, § 1, effective July 1, 2015.    OFFICIAL COMMENT   This section is designed to remedy a recurring drafting mistake. A testamentary power of appointment created in a defined and limited class that happens to include the powerholder is usually intended to be a nongeneral power. For example, a testamentary power created in one of the donor's descendants (such as the donor's child or grandchild) to appoint among the donor's “descendants” or “issue” is typically intended to be a nongeneral power. See, for example, PLR 201229005 (stating the ruling of the Internal Revenue Service that a testamentary power of appointment in the donor's son, exercisable in favor of the donor's “issue,” is a nongeneral power for purposes of 26 U.S.C. § 2041). Accordingly, the presumption of this Section is that such a power is nongeneral.   On the meaning of the well-accepted term of art “defined and limited,” see the Comment to Section 205. See also Restatement Third of Property: Wills and Other Donative Transfers § 17.5, Comment c.