reglab/housing_qa huggingface dataset:
CO Code § 15-1.2-304 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 3 - Unitrust (Effective January 1, 2022)|§ 15-1.2-304. Notice

  [ ] A notice required by section 15-1.2-303 (2)(b) must be sent in a manner authorized under section 15-5-109 to:   The qualified beneficiaries determined under section 15-5-103 (16), other than the attorney general; and    Each person acting as trust director of the trust under the “Colorado Uniform Directed Trust Act”, part 8 of article 16 of this title 15; and    Each person that is granted a power by the terms of the trust to appoint or remove a trustee or person described in subsection (1)(b) of this section, to the extent that power is exercisable when the person is not then serving as a trustee or person described in subsection (1)(b) of this section.       The representation provisions of sections 15-5-301 through 15-5-305 apply to notice under this section.    A person may consent in a record at any time to action proposed under section 15-1.2-303 (2)(b). A notice required by section 15-1.2-303 (2)(b) need not be sent to a person that consents under this subsection (3).    A notice required by section 15-1.2-303 (2)(b) must include:   The action proposed under section 15-1.2-303 (2)(b);    For a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under section 15-1.2-303 (1)(a);    For a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under section 15-1.2-303 (1)(b);    A statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;    The date by which an objection under subsection (4)(d) of this section must be received by the fiduciary, which must be at least thirty days after the date the notice is sent;    The date on which the action is proposed to be taken and the date on which the action is proposed to take effect;    The name and contact information of the fiduciary; and    The name and contact information of a person that may be contacted for additional information.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 814, § 1, effective January 1, 2022.
CO Code § 15-1.2-305 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 3 - Unitrust (Effective January 1, 2022)|§ 15-1.2-305. Unitrust Policy

  [ ] In administering a unitrust under this part 3, a fiduciary shall follow a unitrust policy adopted under section 15-1.2-303 (1)(a) or (1)(b) or amended or replaced under section 15-1.2-303 (1)(b).    A unitrust policy must provide:   The unitrust rate or the method for determining the unitrust rate under section 15-1.2-306;    The method for determining the applicable value under section 15-1.2-306; and    The rules described in sections 15-1.2-306 through 15-1.2-309 which apply in the administration of the unitrust, whether the rules are:   Mandatory, as provided in sections 15-1.2-307 (1) and 15-1.2-416; or    Optional, as provided in sections 15-1.2-306, 15-1.2-307 (2), 15-1.2-308 (2), and 15-1.2-309 (1), to the extent the fiduciary elects to adopt those rules.          Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 815, § 1, effective January 1, 2022.
CO Code § 15-1.2-306 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 3 - Unitrust (Effective January 1, 2022)|§ 15-1.2-306. Unitrust Rate

  [ ] Except as otherwise provided in section 15-1.2-309 (2)(a), a unitrust rate may be:   A fixed unitrust rate; or    A unitrust rate that is determined for each period using:   A market index or other published data; or    A mathematical blend of market indices or other published data over a stated number of preceding periods.          Except as otherwise provided in section 15-1.2-309 (2)(a), a unitrust policy may provide:   A limit on how high the unitrust rate determined under subsection (1)(b) of this section may rise;    A limit on how low the unitrust rate determined under subsection (1)(b) of this section may fall;    A limit on how much the unitrust rate determined under subsection (1)(b) of this section may increase over the unitrust rate for the preceding period or a mathematical blend of unitrust rates over a stated number of preceding periods;    A limit on how much the unitrust rate determined under subsection (1)(b) of this section may decrease below the unitrust rate for the preceding period or a mathematical blend of unitrust rates over a stated number of preceding periods; or    A mathematical blend of any of the unitrust rates determined under subsection (1)(b) of this section and subsections (2)(a) through (2)(d) of this section.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 815, § 1, effective January 1, 2022.
CO Code § 15-1.2-307 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 3 - Unitrust (Effective January 1, 2022)|§ 15-1.2-307. Applicable Value

  [ ] A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including:   The frequency of valuing the asset, which need not require a valuation in every period; and    The date for valuing the asset in each period in which the asset is valued.       Except as otherwise provided in section 15-1.2-309 (2)(b), a unitrust policy may provide methods for determining the amount of the net fair market value of the trust to take into account in determining the applicable value, including:   Obtaining an appraisal of an asset for which fair market value is not readily available;    Exclusion of specific assets or groups or types of assets;    Other exceptions or modifications of the treatment of specific assets or groups or types of assets;    Identification and treatment of cash or property held for distribution;    Use of:   An average of fair market values over a stated number of preceding periods; or    Another mathematical blend of fair market values over a stated number of preceding periods;       A limit on how much the applicable value of all assets, groups of assets, or individual assets may increase over:   The corresponding applicable value for the preceding period; or    A mathematical blend of applicable values over a stated number of preceding periods;       A limit on how much the applicable value of all assets, groups of assets, or individual assets may decrease below:   The corresponding applicable value for the preceding period; or    A mathematical blend of applicable values over a stated number of preceding periods;       The treatment of accrued income and other features of an asset which affect value; and    Determining the liabilities of the trust, including treatment of liabilities to conform with the treatment of assets under subsections (2)(a) through (2)(h) of this section.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 816, § 1, effective January 1, 2022.
CO Code § 15-1.2-308 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 3 - Unitrust (Effective January 1, 2022)|§ 15-1.2-308. Period

  [ ] A unitrust policy must provide the period used under sections 15-1.2-306 and 15-1.2-307. Except as otherwise provided in section 15-1.2-309 (2)(c), the period may be:   A calendar year;    A twelve-month period other than a calendar year;    A calendar quarter;    A three-month period other than a calendar quarter; or    Another period.       Except as otherwise provided in section 15-1.2-309 (2), a unitrust policy may provide standards for:   Using fewer preceding periods under section 15-1.2-306 (1)(b)(II), (2)(c), or (2)(d) if:   The trust was not in existence in a preceding period; or    Market indices or other published data are not available for a preceding period;       Using fewer preceding periods under section 15-1.2-307 (2)(e)(I), (2)(e)(II), (2)(f)(II), or (2)(g)(II) if:   The trust was not in existence in a preceding period; or    Fair market values are not available for a preceding period; and       Prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 817, § 1, effective January 1, 2022.
CO Code § 15-1.2-309 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 3 - Unitrust (Effective January 1, 2022)|§ 15-1.2-309. Special Tax Benefits - Rules

  [ ] A unitrust policy may:   Provide methods and standards for:   Determining the timing of distributions;    Making distributions in cash or in kind or partly in cash and partly in kind; or    Correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;       Specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or    Provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.       If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:   The unitrust rate established under section 15-1.2-306 may not be less than three percent or more than five percent;    The only provisions of section 15-1.2-307 which apply are section (1), (2)(a), (2)(d), (2)(e)(I), and (2)(i);    The only period that may be used under section 15-1.2-308 is a calendar year under section (1)(a); and    The only other provisions of section 15-1.2-308 which apply are section (2)(b)(I) and (2)(c).       Unless otherwise provided by the terms of unitrust policy or the terms of the trust, the distribution amount each year shall be deemed to be paid from the following sources for that year in the following order:   Net income determined as if the trust was not a unitrust;    Other ordinary income as determined for federal income tax purposes;    Net realized short-term capital gains as determined for federal income tax purposes;    Net realized long-term capital gains as determined for federal income tax purposes;    Trust principal comprising assets for which there is a readily available market value; and    Other trust principal.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 817, § 1, effective January 1, 2022.
CO Code § 15-1.2-402 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-402. Distribution From Trust or Estate

 [ ] A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under part 3 of this article 1.2, from a trust or estate in which the fiduciary has an interest, other than an interest the fiduciary purchased in a trust that is an investment entity, and shall allocate to principal an amount received as a distribution of principal from the trust or estate. If a fiduciary purchases, or receives from a settlor, an interest in a trust that is an investment entity, section 15-1.2-401 , 15-1.2-415 , or 15-1.2-416 apply to a receipt from the trust.  Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 822, § 1, effective January 1, 2022.
CO Code § 15-1.2-403 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-403. Business of Other Activity Conducted by Fiduciary

  [ ] This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or other activity instead of:   Accounting for the business or other activity as part of the fiduciary's general accounting records; or    Conducting the business or other activity through an entity described in section 15-1.2-401 (1)(b)(I).       A fiduciary may account separately under this section for the transactions of a business or other activity, whether or not assets of the business or other activity are segregated from other assets held by the fiduciary.    A fiduciary that accounts separately under this section for a business or other activity:   May determine:   The extent to which the net cash receipts of the business or other activity must be retained for:   Working capital;    The acquisition or replacement of fixed assets; and    Other reasonably foreseeable needs of the business or other activity; and       The extent to which the remaining net cash receipts are accounted for as principal or income in the fiduciary's general accounting records for the trust;       May make a determination under subsection (3)(a) of this section separately and differently from the fiduciary's decisions concerning distributions of income or principal; and    Shall account for the net amount received from the sale of an asset of the business or other activity, other than a sale in the ordinary course of the business or other activity, as principal in the fiduciary's general accounting records for the trust, to the extent the fiduciary determines that the net amount received is no longer required in the conduct of the business or other activity.       Activities for which a fiduciary may account separately under this section include:   Retail, manufacturing, service, and other traditional business activities;    Farming;    Raising and selling livestock and other animals;    Managing rental properties;    Extracting minerals, water, and other natural resources;    Growing and cutting timber;    An activity to which section 15-1.2-414, 15-1.2-415, or 15-1.2-416 applies; and    Any other business conducted 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. 822, § 1, effective January 1, 2022.
CO Code § 15-1.2-404 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-404. Principal Receipts

  [ ] A fiduciary shall allocate to principal:   To the extent not allocated to income under this article 1.2, an asset received from:   An individual during the individual's lifetime;    An estate;    A trust on termination of an income interest; or    A payor under a contract naming the fiduciary as beneficiary;       Except as otherwise provided in this part 4, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;    An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in section 15-1.2-502 (1) or for another reason to the extent not based on loss of income;    Proceeds of property taken by eminent domain; except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period;    Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income; and    Other receipts as provided in sections 15-1.2-408 through 15-1.2-416.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 823, § 1, effective January 1, 2022.
CO Code § 15-1.2-405 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-405. Rental Property

  [ ] To the extent a fiduciary does not account for the management of rental property as a business under section 15-1.2-403, the fiduciary shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods:   Must be added to principal and held subject to the terms of the lease, except as otherwise provided by law other than this article 1.2; and    Is not allocated to income or available for distribution to a beneficiary until the fiduciary's contractual obligations have been satisfied with respect to that amount.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 824, § 1, effective January 1, 2022.
CO Code § 15-1.2-406 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-406. Receipt on Obligation to Be Paid in Money

  [ ] This section does not apply to an obligation to which section 15-1.2-409, 15-1.2-410, 15-1.2-411, 15-1.2-412, 15-1.2-414, 15-1.2-415, or 15-1.2-416 applies.    A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.    A fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.    Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 824, § 1, effective January 1, 2022.
CO Code § 15-1.2-407 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-407. Insurance Policy or Contract

  [ ] This section does not apply to a contract to which section 15-1.2-409 applies.    Except as otherwise provided in subsection (3) of this section, a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate dividends on an insurance policy to income to the extent premiums on the policy are paid from income and to principal to the extent premiums on the policy are paid from principal.    A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:   Occupancy or other use by a current income beneficiary;    Income; or    Subject to section 15-1.2-403, profits from a business.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 825, § 1, effective January 1, 2022.
CO Code § 15-1.2-408 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-408. Insubstantial Allocation Not Required

  [ ] If a fiduciary determines that an allocation between income and principal required by section 15-1.2-409, 15-1.2-410, 15-1.2-411, 15-1.2-412, or 15-1.2-415 is insubstantial, the fiduciary may allocate the entire amount to principal, unless section 15-1.2-203 (5) applies to the allocation.    A fiduciary may presume an allocation is insubstantial under subsection (1) of this section if:   The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent; and    The asset producing the receipt to be allocated has a fair market value less than ten percent of the total fair market value of the assets owned or held by the fiduciary at the beginning of the accounting period.       The power to make a determination under subsection (1) of this section may be:   Exercised by a co-fiduciary in the manner described in section 15-1.2-203 (6); or    Released or delegated for a reason described in section 15-1.2-203 (7) and in the manner described in section 15-1.2-203 (8).       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 825, § 1, effective January 1, 2022.
CO Code § 15-1.2-410 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.2 - Uniform Fiduciary Income and Principal Act (Effective January 1, 2022)|Part 4 - Allocation of Receipts (Effective January 1, 2022)|§ 15-1.2-410. Liquidating Asset - Definition

  [ ] In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance.    This section does not apply to a receipt subject to section 15-1.2-401, 15-1.2-409, 15-1.2-411, 15-1.2-412, 15-1.2-414, 15-1.2-415, 15-1.2-416, or 15-1.2-503.    A fiduciary shall allocate:   To income:   A receipt produced by a liquidating asset, to the extent the receipt does not exceed four percent of the value of the asset; or    If the fiduciary cannot determine the value of the asset, ten percent of the receipt; and       To principal, the balance of the receipt.       Editor's note: This section is effective January 1, 2022.  History. Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 827, § 1, effective January 1, 2022.