reglab/housing_qa huggingface dataset:
CO Code § 15-5-508 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 5 - Creditor's Claims - Spendthrift and Discretionary Trusts|§ 15-5-508. Application of Part

  This part 5 applies to all trusts created before, on, or after July 1, 2022.    This part 5 applies to all judicial proceedings concerning trusts commenced on or after July 1, 2022.    This part 5 applies to judicial proceedings concerning trusts commenced before July 1, 2022, unless the court finds that application of a particular provision of this part 5 would substantially interfere with the effective conduct of the judicial proceedings or prejudice the rights of the parties, in which case the particular provision of this part 5 does not apply and the superseded law applies.    Any rule of construction or presumption provided in this part 5 applies to trust instruments executed before July 1, 2022, unless there is a clear indication of a contrary intent in the terms of the trust.    An act done before July 1, 2022, is not affected by this part 5.    If a right affected by this part 5 is acquired, extinguished, or barred upon the expiration of a prescribed period that has commenced to run pursuant to any other statute before July 1, 2022, then the period prescribed by that statute continues to apply to the right.     History. Source: L. 2021: Entire part added, (SB 21-162), ch. 170, p. 943, § 1, effective September 7.
CO Code § 15-5-603 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 6 - Revocable Trusts|§ 15-5-603. Settlor's Powers

  To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest, the trustee may follow a direction from the settlor and the other person holding the power to revoke, even if the direction is contrary to the terms of the trust.    To the extent a trust is revocable, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.    During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1167, § 1, effective January 1, 2019. L. 2019: Entire section amended, (SB 19-105), ch. 51, p. 174, § 7, effective August 2.
CO Code § 15-5-604 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 6 - Revocable Trusts|§ 15-5-604. Limitation on Action Contesting Validity of Revocable Trust

     A person must commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of:   Three years after the settlor's death; or    One hundred twenty days after the trustee sent the person a copy of the trust instrument and a notice informing the person of the trust's existence, of the trustee's name and address, and of the time allowed for commencing a proceeding. A trustee is not liable to any person for giving or failing to give notice under this section.       The applicable time limit described in subsection (1)(a) of this section is an absolute bar that may not be waived or tolled.       Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for doing so unless:   The trustee knows of a pending judicial proceeding contesting the validity of the trust; or    A potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty days after the contestant sent the notification.       Unless a distribution or payment no longer can be questioned because of adjudication, estoppel, or limitation, a beneficiary of a trust that is determined to have been invalid, or a distributee of property improperly distributed or paid, or a claimant who is improperly paid, is liable for the return of the property improperly received and its income, if any, since the distribution, if he or she has the property. If he or she does not have the property, then he or she is liable for the return of the value as of the date of his or her disposition of the property improperly received, and its income and gain, if any received by him or her.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1167, § 1, effective January 1, 2019.
CO Code § 15-5-701 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-701. Accepting or Declining Trusteeship

  Except as otherwise provided in subsection (3) of this section, a person designated as trustee accepts the trusteeship:   By substantially complying with a method of acceptance provided in the terms of the trust; or    If the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as a trustee, or otherwise indicating acceptance of the trusteeship. A provision in a trust specifying a method to accept or decline trusteeship does not make the specified method exclusive unless the specified method is referred to as the “sole”, “exclusive”, or “only” method of accepting or declining trusteeship or the provision includes similar language manifesting that the settlor's intent was that the trusteeship may not be accepted or declined by any other method.       A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.    A person designated as a trustee, without accepting the trusteeship, may:   Act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to any acting trustee and a qualified beneficiary; and    Inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.        History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1168, § 1, effective January 1, 2019.
CO Code § 15-5-702 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-702. Trustee's Bond

  A trustee shall give bond to secure performance of the trustee's duties only if the court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.    The court may specify the amount of a bond, its liabilities, and whether sureties are necessary. The court may modify or terminate a bond at any time.    Unless otherwise directed by the court or the terms of the trust, the cost of a bond is charged to the trust.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1168, § 1, effective January 1, 2019.
CO Code § 15-5-703 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-703. Cotrustees

  Cotrustees who are unable to reach a unanimous decision may act by majority decision.    If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.    Subject to section 15-16-812, a cotrustee shall participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.    If a cotrustee is unavailable to perform duties because of absence, illness, disqualification, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.    A trustee may not delegate to a costrustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.    Except as otherwise provided in subsection (7) of this section, a trustee who does not join in an action of another trustee is not liable for the action.    Subject to section 15-16-812, each trustee shall exercise reasonable care to:   Prevent a cotrustee from committing a serious breach of trust; and    Pursue a remedy, at trust expense, for a cotrustee's serious breach of trust.       A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1169, § 1, effective January 1, 2019. L. 2019: (3) and IP(7) amended, (SB 19-105), ch. 51, p. 175, § 8, effective August 2.
CO Code § 15-5-704 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-704. Vacancy in Trusteeship - Appointment of Successor

  A vacancy in a trusteeship occurs if:   A person designated as trustee rejects the trusteeship;    A person designated as trustee cannot be identified or does not exist;    A trustee resigns;    A trustee is disqualified or removed;    A trustee dies; or    A guardian or conservator is appointed for an individual serving as trustee.       If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.    A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:   By a person designated in the terms of the trust to act as successor trustee;    By a person appointed by unanimous agreement of the qualified beneficiaries; or    By a person appointed by the court.       A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:   By a person designated in the terms of the trust to act as successor trustee;    By a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the attorney general is provided written notice of the selection and fails to object or concurs in the selection within thirty days of such notice; or    By a person appointed by the court.       Regardless of whether a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1169, § 1, effective January 1, 2019.
CO Code § 15-5-705 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-705. Resignation of Trustee

  A trustee may resign:   Upon at least thirty days' notice to the qualified beneficiaries; the settlor, if living; and all cotrustees; or    With the approval of the court.       In approving a resignation pursuant to this section, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.    Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1170, § 1, effective January 1, 2019.
CO Code § 15-5-706 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-706. Removal of Trustee

  The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.    The court may remove a trustee if:   The trustee has committed a serious breach of trust;    Lack of cooperation among cotrustees substantially impairs the administration of the trust;    Because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or      There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries; (d) (I) There has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries;    The court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust; and    A suitable cotrustee or successor trustee is available.          Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief pursuant to section 15-5-1001 (2) as may be necessary to protect the trust property or the interests of the beneficiaries.      History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1171, § 1, effective January 1, 2019.
CO Code § 15-5-707 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-707. Delivery of Property by Former Trustee

  Unless a cotrustee remains in office or the court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.    A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1171, § 1, effective January 1, 2019.
CO Code § 15-5-708 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-708. Compensation of Trustee

  If the terms of the trust do not specify the trustee's compensation, a trustee's compensation is determined in accordance with part 6 of article 10 of this title 15.    If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if the compensation specified by the terms of the trust would be unreasonably low or high as determined in accordance with the factors set forth in part 6 of article 10 of this title 15 and taking into consideration whether the duties of the trustee are substantially different from those contemplated when the trust was created.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1171, § 1, effective January 1, 2019.
CO Code § 15-5-709 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 7 - Office of Trustee|§ 15-5-709. Reimbursement of Expenses

  A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:   Expenses that were properly incurred in the administration of the trust; and    To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.       A reasonable advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1172, § 1, effective January 1, 2019.
CO Code § 15-5-801 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-801. Duty to Administer Trust

 Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this article 5.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1172, § 1, effective January 1, 2019.
CO Code § 15-5-803 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-803. Impartiality

 If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, taking into account any differing interests of the beneficiaries.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, § 1, effective January 1, 2019.
CO Code § 15-5-804 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-804. Prudent Administration

 A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, § 1, effective January 1, 2019.
CO Code § 15-5-805 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-805. Costs of Administration

 In administering a trust, the trustee may incur only costs that are appropriate and reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, § 1, effective January 1, 2019.
CO Code § 15-5-806 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-806. Trustee's Skills

 A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, § 1, effective January 1, 2019.
CO Code § 15-5-807 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-807. Delegation by Trustee

  A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:   Selecting an agent;    Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and    Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.       In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.    A trustee who complies with subsection (1) of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.    By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of this state, an agent submits to the jurisdiction of the courts of this state.     History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1174, § 1, effective January 1, 2019.
CO Code § 15-5-808 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-808. Powers to Direct

 (Reserved)
CO Code § 15-5-809 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-809. Control and Protection of Trust Property

 A trustee shall take reasonable steps to take control of and protect the trust property.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1175, § 1, effective January 1, 2019.
CO Code § 15-5-810 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-810. Record Keeping and Identification of Trust Property

  A trustee shall keep adequate records of the administration of the trust.    A trustee shall keep trust property separate from the trustee's own property.      Except as otherwise provided in subsection (4) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.    Nothing in subsection (3)(a) of this section may be construed as preventing a trustee from holding a property in the name of a nominee or other form, without disclosure of the trust, as authorized in section 15-5-816 (1)(g)(II) and in section 15-1-804 (2)(o), provided the trustee maintains adequate records of all trust property so held.    This subsection (3) does not apply to tangible personal property other than motor vehicles, airplanes, and other property the title of which is registered with a governmental authority.       If the trustee maintains records clearly indicating the respective interests, a trustee may invest as a whole the property of two or more separate trusts.      History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1175, § 1, effective January 1, 2019.
CO Code § 15-5-811 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-811. Enforcement and Defense of Claims

 A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust of which the trustee has knowledge.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1175, § 1, effective January 1, 2019.
CO Code § 15-5-812 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 5 - Colorado Uniform Trust Code|Part 8 - Duties and Powers of Trustee|§ 15-5-812. Collecting Trust Property

 A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.   History. Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1176, § 1, effective January 1, 2019.