reglab/housing_qa huggingface dataset:
CO Code § 15-1-113 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 1 - General Provisions|§ 15-1-113. Cases Not Provided for in Law

 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.   History. Source: L. 23: P. 178, § 12. CSA: C. 67, § 12. CRS 53: § 57-1-12. C.R.S. 1963: § 57-1-11. History. Source: L. 23: P. 178, § 12. CSA: C. 67, § 12. CRS 53: § 57-1-12. C.R.S. 1963: § 57-1-11.
CO Code § 15-1-201 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-201. When Part 2 Applicable

 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.   History. Source: L. 53: P. 304, § 6. CRS 53: § 57-2-6. C.R.S. 1963: § 57-2-6. History. Source: L. 53: P. 304, § 6. CRS 53: § 57-2-6. C.R.S. 1963: § 57-2-6.
CO Code § 15-1-201.5 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-201.5. Definitions

 As used in this part 2, “donee” has the same meaning as “powerholder” as set forth in section 15-2.5-102 (13) .   History. Source: L. 2014: Entire section added, (HB 14-1353), ch. 209, p. 782, § 3, effective July 1, 2015.
CO Code § 15-1-202 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-202. Trustee Not Liable, When

 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 after the death of the donee of such power and without knowledge of the existence of an instrument exercising such power, he shall not be responsible to the appointee under the instrument exercising such power.   History. Source: L. 53: P. 303, § 1. CRS 53: § 57-2-1. C.R.S. 1963: § 57-2-1. History. Source: L. 53: P. 303, § 1. CRS 53: § 57-2-1. C.R.S. 1963: § 57-2-1.    ANNOTATION   Law reviews. For article, “Trusts and Estates”, see 30 Dicta 435 (1953).
CO Code § 15-1-203 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-203. No Liability if Distribution Under Instrument

 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 instrument shall be held wholly or partially invalid, such trustee shall not be responsible to those persons who would take in default of appointment.   History. Source: L. 53: P. 303, § 2. CRS 53: § 57-2-2. C.R.S. 1963: § 57-2-2. History. Source: L. 53: P. 303, § 2. CRS 53: § 57-2-2. C.R.S. 1963: § 57-2-2.
CO Code § 15-1-204 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-204. Rights of Appointees

 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.   History. Source: L. 53: P. 303, § 3. CRS 53: § 57-2-3. C.R.S. 1963: § 57-2-3. History. Source: L. 53: P. 303, § 3. CRS 53: § 57-2-3. C.R.S. 1963: § 57-2-3.
CO Code § 15-1-205 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-205. Rights of Persons Entitled

 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.   History. Source: L. 53: P. 303, § 4. CRS 53: § 57-2-4. C.R.S. 1963: § 57-2-4. History. Source: L. 53: P. 303, § 4. CRS 53: § 57-2-4. C.R.S. 1963: § 57-2-4.
CO Code § 15-1-206 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 2 - Distribution by Fiduciaries of Express Trusts|§ 15-1-206. Rights of Bona Fide Purchasers

 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.   History. Source: L. 53: P. 304, § 5. CRS 53: § 57-2-5. C.R.S. 1963: § 57-2-5. History. Source: L. 53: P. 304, § 5. CRS 53: § 57-2-5. C.R.S. 1963: § 57-2-5.
CO Code § 15-1-301 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-301. Fiduciary Defined

 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.   History. Source: L. 51: P. 841, § 5. CSA: C. 176, § 126(9). CRS 53: § 57-3-5. C.R.S. 1963: § 57-3-5. History. Source: L. 51: P. 841, § 5. CSA: C. 176, § 126(9). CRS 53: § 57-3-5. C.R.S. 1963: § 57-3-5.
CO Code § 15-1-302 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-302. Application

 The provisions of this part 3 shall apply to and govern all fiduciaries appointed or lawfully acting.   History. Source: L. 51: P. 841, § 3. CSA: C. 176, § 126(7). CRS 53: § 57-3-3. C.R.S. 1963: § 57-3-4. History. Source: L. 51: P. 841, § 3. CSA: C. 176, § 126(7). CRS 53: § 57-3-3. C.R.S. 1963: § 57-3-4.
CO Code § 15-1-303 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-303. Construction of Part 3

 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.   History. Source: L. 51: P. 841, § 6. CSA: C. 176, § 126(10). CRS 53: § 57-3-6. C.R.S. 1963: § 57-3-6. History. Source: L. 51: P. 841, § 6. CSA: C. 176, § 126(10). CRS 53: § 57-3-6. C.R.S. 1963: § 57-3-6.
CO Code § 15-1-304.1 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-304.1. Standard for Investments on and After July 1, 1995 - “Colorado Uniform Prudent Investor Act”

  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.    This section shall not apply to those persons, corporations, entities, or state agencies which were made subject to the provisions of section 15-1-304 by specific reference in another statute in existence prior to July 1, 1995.     History. Source: L. 95: Entire section added, p. 312, § 2, effective July 1.
CO Code § 15-1-305 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-305. Terms of Instrument Govern

 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” or “authorized investment”, or words of similar import as used in any such instrument, shall be taken to mean any investment which is permitted by the terms of section 15-1-304 .   History. Source: L. 51: P. 840, § 2. CSA: C. 176, § 126(6). CRS 53: § 57-3-2. C.R.S. 1963: § 57-3-2. History. Source: L. 51: P. 840, § 2. CSA: C. 176, § 126(6). CRS 53: § 57-3-2. C.R.S. 1963: § 57-3-2.    ANNOTATION   Law reviews. For article, “The Meaning of the Prudent Man Rule”, see 24 Rocky Mt. L. Rev. 44 (1951). For comment on Rippey v. Denver United States Nat'l Bank, appearing below, see 45 Den. L.J. 483 (1968).   Despite will's provisions, trustee does not have absolute discretion. In the will the trustee is authorized to sell the trust property (1) in its sole judgment; (2) at private sale; (3) without advertisement or notice to anyone; (4) without the aid or necessity of any court order; (5) without consulting the beneficiaries and without regard to their opinions, desires, or judgment; (6) and at such price and upon such terms as to credit or otherwise as the trustee shall determine. The trustee is not therefore authorized to exercise unlimited or absolute discretion in making a sale of trust property. Rippey v. Denver United States Nat'l Bank, 273 F. Supp. 718 (D. Colo. 1967 ).   In any event trustee cannot act recklessly. Even if the instrument had contained language granting absolute and uncontrolled discretion, it would not follow that the trustee could act recklessly or in willful abuse of discretion. Rippey v. Denver United States Nat'l Bank, 273 F. Supp. 718 (D. Colo. 1967 ).   When the bank acts despite a high probability that the beneficiaries would suffer loss, such conduct is in law reckless and is not protected by an exculpatory clause. Rippey v. Denver United States Nat'l Bank, 273 F. Supp. 718 (D. Colo. 1967 ).   Exculpatory clause does not apply to transaction conducted in unorthodox manner. An exculpatory clause in the will which provides that the trustee shall be free from liability for “depreciation or loss” of trust property “through error of judgment” does not apply to a loss which resulted from a sale which was not conducted in accordance with orthodox trust principles. Such a provision is usually held to add nothing. It does not limit the trustee liability for even negligence. If the exculpatory provision in express terms relieves the trustee from liability merely for errors of judgment, its effect does not go beyond what a court of equity would do in the absence of an exculpatory provision for a trustee is never held to the liability of an insurer. Rippey v. Denver United States Nat'l Bank, 273 F. Supp. 718 (D. Colo. 1967 ).
CO Code § 15-1-306 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-306. Court Not Restricted

 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 management of estate or trust property.   History. Source: L. 51: P. 841, § 3. CSA: C. 176, § 126(7). CRS 53: § 57-3-3. C.R.S. 1963: § 57-3-3. History. Source: L. 51: P. 841, § 3. CSA: C. 176, § 126(7). CRS 53: § 57-3-3. C.R.S. 1963: § 57-3-3.    ANNOTATION   A court may not order trustee to deviate from terms of trust unless, because of a change of circumstances, compliance with its terms would defeat or substantially impair the accomplishment of its underlying purposes. Matter of Will of Killin, 703 P.2d 1323 (Colo. App. 1985).   Deviation from the expressed intent of a testator that trust property be retained during trust administration is not warranted solely because of potential increased income to the income beneficiaries. Matter of Will of Killin, 703 P.2d 1323 (Colo. App. 1985).
CO Code § 15-1-308 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 3 - Fiduciary Investments|§ 15-1-308. Investments in United States Government Obligations

 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 invest in such obligations, either directly or in the form of the securities of or other interests in any open-end or closed-end management type investment company or investment trust registered under the federal “Investment Company Act of 1940”, 15 U.S.C. sec. 80(a)-1 et seq., if the portfolio of such investment company or investment trust is limited to United States government obligations which are backed by the full faith and credit of the United States government and to repurchase agreements fully collateralized by such obligations and if any such investment company or investment trust actually takes delivery of such collateral, either directly or through an authorized custodian.   History. Source: L. 88: Entire section added, p. 645, § 1, effective April 6.
CO Code § 15-1-501 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-501. Fiduciary Property Kept Separate

 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 the property of each fiduciary account separate and distinct from the property of every other fiduciary account, and all transactions shall be conducted in such fiduciary's name as fiduciary.   History. 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.   ANNOTATION   Law reviews. For article, “The Care and Feeding of Individual Trustees”, see 39 U. Colo. L. Rev. 205 (1966).
CO Code § 15-1-502 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-502. Nominees

 Any fiduciary may register or hold the title to fiduciary property in the name of a nominee.   History. 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.
CO Code § 15-1-503 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-503. Fiduciary Property Deposits

 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's name as nominee for the fiduciary or may be registered in the name of a nominee of such depository.   History. Source: L. 77: Entire part R&RE, p. 826, § 1, effective July 1. L. 96: Entire section amended, p. 245, § 23, effective July 1.    Editor's note:   This section is similar to former § 15-1-502 as it existed prior to 1977.
CO Code § 15-1-504 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-504. Holding of Securities by Fiduciary or Depository of Fiduciary Property

 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 certificates representing securities of the same class of the same issuer. Ownership of such securities may be transferred by bookkeeping entry on the books of the fiduciary or of the depository without physical delivery of certificates representing such securities.   History. Source: L. 77: Entire part R&RE, p. 826, § 1, effective July 1.    Editor's note:   This section is similar to former § 15-1-503 as it existed prior to 1977.
CO Code § 15-1-505 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-505. Records

 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.   History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.    Editor's note:   This section is similar to former § 15-1-505 as it existed prior to 1977.
CO Code § 15-1-506 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-506. Liability of Issuer

 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 transferred on the books of the issuer any securities theretofore registered by the issuer in the name of any nominee.   History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.    Editor's note:   This section is similar to former § 15-1-506 as it existed prior to 1977.
CO Code § 15-1-507 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-507. Custodian as Fiduciary

 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.   History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.    Editor's note:   This section is similar to former § 15-1-507 as it existed prior to 1977.   ANNOTATION   Bank acknowledgment of restriction in letters of conservatorship made bank more than a mere custodian; bank became a fiduciary. Pledging collateral consisting of conservatorship funds breached fiduciary duty because bank failed to refrain from involvement in transactions antagonistic to the interests of the protected person. In re Conservatorship of Roth, 804 P.2d 265 (Colo. App. 1990).
CO Code § 15-1-508 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-508. Individual and Corporate Fiduciaries

  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 instrument establishing the fiduciary relationship.    For purposes of this part 5, any fiduciary other than a bank or trust company may take any action authorized by this part 5, unless limited by the language or provisions in the will or trust instrument or other instrument establishing the fiduciary relationship expressing a clear intention that an action otherwise authorized by this part 5 shall be denied to such fiduciary.    Nothing in subsection (2) of this section shall be construed to limit the authority of a bank or trust company serving as a cofiduciary with one or more other fiduciaries or serving as a depository to take any action authorized by this part 5 which it could take if serving as sole fiduciary.     History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.
CO Code § 15-1-509 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-509. Fiduciary Duty

 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 thereof and with due regard for the manner in which men of prudence, discretion, and intelligence would act in the management of the property of another.   History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.
CO Code § 15-1-510 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 5 - Fiduciary Property - Depository Nominees|§ 15-1-510. Application

 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.   History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.
CO Code § 15-1-701 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1 - Fiduciary|Part 7 - Fiduciary Interests in Entities|§ 15-1-701. Power to Become Partner

 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 otherwise acquire, hold, and dispose of an interest in a partnership and in so doing may become either a general or a limited partner.   History. Source: L. 63: P. 496, § 1. C.R.S. 1963: § 57-7-1. L. 2002: Entire section amended, p. 650, § 2, effective July 1. History. Source: L. 63: P. 496, § 1. C.R.S. 1963: § 57-7-1. L. 2002: Entire section amended, p. 650, § 2, effective July 1.