reglab/housing_qa huggingface dataset:
CO Code § 15-1.5-103 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-103. Custodial Trustee for Future Payment or Transfer

  A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by “as custodial trustee for (name of beneficiary) under the “Colorado Uniform Custodial Trust Act””.    Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.    A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.     History. Source: L. 99: Entire article added, p. 1213, § 1, effective August 4.    OFFICIAL COMMENT   This section permits a future custodial trustee to be designated to receive property for the beneficiary of a custodial trust to be effective upon the occurrence of a future event or transfer. To accommodate changes in circumstances during the passage of time, one or more successors or substitute custodial trustees can also be designated. The designation of the future custodial trustee and the beneficiary can be made in an instrument which is revocable or irrevocable depending upon the nature of the transaction or transfer. Any person designated as a future custodial trustee may decline to serve before the transfer occurs or may resign under section 15-1.5-113 after the transfer.   The source of this section is Section 3 of UTMA. The enacting state's rule against perpetuities may limit or affect the creation of a custodial trust upon the occurrence of a future event, but because the use of a custodial trust usually contemplates dispositions for the benefit of living persons, perpetuity problems should rarely arise.
CO Code § 15-1.5-104 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-104. Form and Effect of Receipt and Acceptance by Custodial Trustee - Jurisdiction

  Obligations of a custodial trustee, including the obligation to follow upon directions of the beneficiary, arise under this article upon the custodial trustee's acceptance, express or implied, of the custodial trust property.    The custodial trustee's acceptance may be evidenced by a writing stating in substance:    Upon accepting custodial trust property, a person designated as custodial trustee under this article is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.      CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE I, (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for (name of beneficiary) under the “Colorado Uniform Custodial Trust Act”. I undertake to administer and distribute the custodial trust property pursuant to the “Colorado Uniform Custodial Trust Act”. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of . Dated: (Signature of Custodial Trustee)   History. Source: L. 99: Entire article added, p. 1214, § 1, effective August 4.    OFFICIAL COMMENT   Although a custodial trust is created by a transfer that satisfies section 15-1.5-102 of the Act, the responsibility and obligations upon the trustee do not arise until the trustee has accepted the transfer. This detailed section is included to call the attention of the parties to the effective receipt and acceptance by the custodial trustee. Once a custodial trustee accepts the transfer of the custodial trust property, the custodial trustee assumes the obligation of a custodial trustee under this Act. The acceptance can be expressed or implied, but it is recommended that the written acceptance provided for in section 15-1.5-104 (2) be utilized. By the acceptance the custodial trustee submits to the personal jurisdiction of the courts of the enacting state for the purpose of the custodial trust, despite subsequent relocation of the parties or of the custodial trust property. The principal sources of these provisions are Sections 8 and 9 of UTMA and the analogous provisions under the Uniform Probate Code, Sections 3-602, 5-208, 5-307, 7-103.
CO Code § 15-1.5-105 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-105. Transfer to Custodial Trustee by Fiduciary or Obligor - Facility of Payment

  Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 15-1.5-103, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds thirty thousand dollars, the transfer is not effective unless authorized by the court.    A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.     History. Source: L. 99: Entire article added, p. 1214, § 1, effective August 4.    OFFICIAL COMMENT   This section is in the nature of a facility-of-payment provision that permits persons owing money to an incapacitated individual to discharge a fixed obligation by a payment to a custodial trustee under this Act. The section does not authorize the custodial trustee to settle claims for disputed amounts but only to acknowledge an effective receipt of property paid or delivered. It is based primarily on Sections 6 and 7 of UTMA and includes the protections of Section 8 of UTMA as well. It permits a custodial trust to be established as a substitute for a conservatorship to receive payments due an incapacitated individual. Also, see section 15-1.5-111 , which protects transferors and other third parties dealing with the custodial trustee.
CO Code § 15-1.5-106 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-106. Multiple Beneficiaries - Separate Custodial Trusts - Survivorship

  Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.    Custodial trust property held under this article by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial trust.    A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to sections 15-1.5-107 and 15-1.5-115 for the administration of the custodial trust.     History. Source: L. 99: Entire article added, p. 1214, § 1, effective August 4.    OFFICIAL COMMENT   This Act, unlike UTMA, does not preclude a custodial trust for more than one beneficiary. Adult persons creating custodial trusts are likely to set up custodial trusts in various forms, e.g., parents may wish to set up a custodial trust for their children or for themselves, then for a spouse, etc. However, the interests of each beneficiary are separate and the custodial trustee is obligated under subsection (3) to account separately to each beneficiary for administration of the beneficiary's interest in the custodial trust.   Subsection (2) allows a custodial trustee who is administering multiple custodial trusts for the same beneficiary to administer the custodial trusts as a single custodial trust. For example, if multiple trusts are created for an incapacitated beneficiary, the custodial trustee can administer them as a single custodial trust.
CO Code § 15-1.5-108 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-108. General Powers of Custodial Trustee

  A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only.    This section does not relieve a custodial trustee from liability for a violation of section 15-1.5-107.     History. Source: L. 99: Entire article added, p. 1216, § 1, effective August 4.    OFFICIAL COMMENT   This section is taken from Section 13 of UTMA. It grants the trustee very broad powers over the property, subject, however, to the Prudent Person Rule and to the obligations set out in the Act. An alternative approach to subsection (1) that might be taken by an enacting state is to refer to the existing statutes granting powers to a trustee, such as the Uniform Trustee's Powers Act. For example: [A custodial trustee has the powers of a trustee under the Uniform Trustee's Powers Act.]
CO Code § 15-1.5-111 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-111. Exemption of Third Persons From Liability

  A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:   The validity of the purported custodial trustee's designation;    The propriety of, or the authority under this article for, any action of the purported custodial trustee;    The validity or propriety of an instrument executed or instruction given pursuant to this article either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or    The propriety of the application of property vested in the purported custodial trustee.        History. Source: L. 99: Entire article added, p. 1217, § 1, effective August 4.    OFFICIAL COMMENT   This section is based upon Section 16 of the UTMA and protects third persons who deal in good faith with the custodial trustee.
CO Code § 15-1.5-112 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-112. Liability to Third Persons

  A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust may be asserted by a third person against the custodial trust property by proceeding against the custodial trustee in a fiduciary capacity, whether or not the custodial trustee or the beneficiary is personally liable.    A custodial trustee is not personally liable to a third person:   On a contract properly entered into in a fiduciary capacity unless the custodial trustee fails to reveal that capacity or to identify the custodial trust in the contract; or    For an obligation arising from control of custodial trust property or for a tort committed in the course of the administration of the custodial trust unless the custodial trustee is personally at fault.       A beneficiary is not personally liable to a third person for an obligation arising from beneficial ownership of custodial trust property or for a tort committed in the course of administration of the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.    Subsections (2) and (3) of this section do not preclude actions or proceedings to establish liability of the custodial trustee or beneficiary to the extent the person sued is protected as the insured by liability insurance.     History. Source: L. 99: Entire article added, p. 1218, § 1 effective August 4.    OFFICIAL COMMENT   This section is patterned after Section 17 of the UTMA and that section in turn was based upon Sections 5-428 and 7-306 of the Uniform Probate Code limiting the liability of conservators and trustees. See also Restatement of Trusts, 2d Sections 265 and 277. The effect of this section is to limit the claims of third parties to recourse against custodial trust property as both the custodial trustee and the beneficiary are protected from personal liability absent personal fault on their part. This section does not alter the obligations between the custodial trustee and the beneficiary arising out of the administration of the estate and the accounting for that administration.   There may be cases in which a custodial trustee or beneficiary may have a right to possession of custodial trust property and may insure against liability arising out of possession or control of the property as a named insured, e.g., under homeowner's or automobile liability insurance. In such a case, the beneficiary should be permitted as a party defendant under subsection (4) but only to the extent of the protection of the liability insurance.
CO Code § 15-1.5-114 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-114. Expenses, Compensation, and Bond of Custodial Trustee

  Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:   Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;    Has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and    Need not furnish a bond or other security for the faithful performance of fiduciary duties.        History. Source: L. 99: Entire article added, p. 1219, § 1, effective August 4.    OFFICIAL COMMENT   This section follows the pattern of Section 15 of the UTMA except it does subject the arrangements for payment of expenses, compensation, and bond to provisions in the custodial trust instrument or agreement of the beneficiary or court order.   As in UTMA, the provisions with regard to compensation are designed to avoid imputed compensation to the custodian who waives compensation and also to avoid the accumulation of claims for compensation until the termination of the custodial trust. Although the ability to control these matters by the trust instrument or agreement of the beneficiary seems to be implied, as was assumed in UTMA, it is here expressly stated because of the possibility of informal arrangements with persons as trustees.
CO Code § 15-1.5-117 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-117. Distribution on Termination

  Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:   To the beneficiary, if not incapacitated or deceased;    To the conservator or other recipient designated by the court for an incapacitated beneficiary; or    Upon the beneficiary's death, in the following order:   As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary;    To the survivor of multiple beneficiaries if survivorship is provided for pursuant to section 15-1.5-106;    As designated in the instrument creating the custodial trust; or    To the estate of the deceased beneficiary.          If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.    Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.     History. Source: L. 99: Entire article added, p. 1221, § effective August 4.    OFFICIAL COMMENT   This section controls distribution of the custodial trust property when the custodial trust is terminated under section (5) . It is designed to provide for efficient and certain distribution without judicial proceedings. Subsection (1)(c) is an important provision for avoiding complications on distribution and provides that distribution may be controlled first, by the direction of the deceased beneficiary or second, by the custodial trust instrument (see sections 15-1.5-102 , 15-1.5-106 , and 15-1.5-118 ) and, only if no effective prior designation for the payment or distribution of the property on the death of the beneficiary has been made, shall it pass through the beneficiary's estate.   The direction to the custodial trustee by the beneficiary, who is not incapacitated, for distribution on termination of the custodial trust may be in any written form clearly identifying the distributee. For example, the following direction would be adequate under the statute:   I, ____ (name of beneficiary) hereby direct ____ (name of trustee) as custodial trustee, to transfer and pay the unexpended balance of the custodial trust property of which I am beneficiary to ____ as distributee on the termination of the trust at my death. In the event of the prior death of ____ above named as distributee, I designate ____ as distributee of the custodial trust property.   Signed (signature) _____ Beneficiary   Date _______   Receipt Acknowledged (signature) __________   Custodial Trustee   Date _________
CO Code § 15-1.5-119 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-119. Applicable Law

  This article applies to a transfer or declaration creating a custodial trust that refers to this article if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this article despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this state.    A transfer made pursuant to an act of another state substantially similar to this article is governed by the law of that state and may be enforced in this state.     History. Source: L. 99: Entire article added, p. 1224, § 1, effective August 4.    OFFICIAL COMMENT   This section is designed to avoid confusion in the event a party or assets are removed from the state.
CO Code § 15-1.5-120 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-120. Uniformity of Application and Construction

 This article shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this article among states enacting it.   History. Source: L. 99: Entire article added, p. 1225, § 1, effective August 4.
CO Code § 15-1.5-121 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-121. Short Title

 This article may be cited as the “Colorado Uniform Custodial Trust Act”.   History. Source: L. 99: Entire article added, p. 1225, § 1, effective August 4.
CO Code § 15-1.5-122 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 1.5 - Colorado Uniform Custodial Trust Act|§ 15-1.5-122. Severability

 If any provision of this article or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this article which can be given effect without the invalid provision or application, and to this end the provisions of this article are severable.   History. Source: L. 99: Entire article added, p. 1225, § 1, effective August 4.
CO Code § 15-18-101 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 18 - Colorado Medical Treatment Decision Act|§ 15-18-101. Short Title

 This article shall be known and may be cited as the “Colorado Medical Treatment Decision Act”.   History. Source: L. 2010: Entire article R&RE, (HB 10-1025), ch. 113, p. 375, § 1, effective August 11.
CO Code § 15-18-102 (2021)
2021 Colorado Code|Title 15 - Probate, Trusts, and Fiduciaries|Article 18 - Colorado Medical Treatment Decision Act|§ 15-18-102. Legislative Declaration

  The general assembly hereby finds, determines, and declares that:   Colorado law has traditionally recognized the right of an adult to accept or reject medical or surgical treatment;    Recent advances in medical science have made it possible to prolong the dying process through the use of medical or surgical procedures;    The use of such medical or surgical procedures increasingly involves patients who have a terminal condition or are in a persistent vegetative state, and lack decisional capacity to accept or reject medical or surgical treatment;    The traditional right to accept or reject medical or surgical treatment should be available to an adult while he or she has decisional capacity, notwithstanding the fact that such medical or surgical treatment may be offered or applied when he or she has a terminal condition or is in a persistent vegetative state, and lacks decisional capacity to accept or reject medical or surgical treatment;    This article affirms the traditional right to accept or reject medical or surgical treatment, and creates a procedure by which an adult with decisional capacity may make such decisions in advance of medical need;    It is the intent of the general assembly that nothing in this article shall have the effect of modifying or changing currently practiced medical ethics or protocol with respect to any patient in the absence of a declaration as provided for in section 15-18-104;    It is the intent of the general assembly that nothing in this article shall require any adult to execute a declaration.        History. Source: L. 2010: Entire article R&RE, (HB 10-1025), ch. 113, p. 375, § 1, effective August 11.