reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 10 - CHARITABLE, EDUCATIONAL, RELIGIOUS, AND BENEVOLENT TRUSTS (§§ 15-1-1001 — 15-1-1007) › Section 15-1-1003 - Requirement for distribution of certain amounts

In the administration of any trust which is a private foundation, as defined in section 509 of the federal "Internal Revenue Code of 1986", or which is a charitable trust, as defined in section 4947 (a)(1) of the federal "Internal Revenue Code of 1986", there shall be distributed, for the purposes specified in the trust instrument, for each taxable year, amounts at least sufficient to avoid liability for the tax imposed by section 4942 (a) of the federal "Internal Revenue Code of 1986". No trustee of such a trust shall be required to reimburse the trust from his own property for the amount of any liability for such tax which is incurred by the trust if the trustee acted in a prudent manner and in good faith. No trustee of such a trust shall be required to reimburse the trust from his own property for any amount which he, acting prudently and in good faith, distributes from the trust, believing it to be required to be distributed in order to avoid the liability for such tax, but which later is determined not to have been required to be distributed for that purpose.
L. 71: p. 590, § 1. C.R.S. 1963: § 57-10-3. L. 2000: Entire section amended, p. 1845, § 26, effective August 2.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 10 - CHARITABLE, EDUCATIONAL, RELIGIOUS, AND BENEVOLENT TRUSTS (§§ 15-1-1001 — 15-1-1007) › Section 15-1-1004 - Applicability of sections 15-1-1002 and 15-1-1003

The provisions of sections
15-1-1002
and
15-1-1003
shall not apply to any trust to the extent that a court of competent jurisdiction shall determine that such application would be contrary to the terms of the instrument governing such trust and that the terms of such instrument may not properly be changed to conform to such sections.
L. 71: p. 590, § 1. C.R.S. 1963: § 57-10-4.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 10 - CHARITABLE, EDUCATIONAL, RELIGIOUS, AND BENEVOLENT TRUSTS (§§ 15-1-1001 — 15-1-1007) › Section 15-1-1005 - Rights and powers of courts and attorney general not impaired

Nothing in this part 10 shall impair the rights and powers of the courts or the attorney general of this state with respect to any trust.
L. 71: p. 590, § 1. C.R.S. 1963: § 57-10-5.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 10 - CHARITABLE, EDUCATIONAL, RELIGIOUS, AND BENEVOLENT TRUSTS (§§ 15-1-1001 — 15-1-1007) › Section 15-1-1006 - References to "Internal Revenue Code of 1954"

All references to sections of the "Internal Revenue Code of 1954" refer to the "Internal Revenue Code of 1954" as it exists on June 2, 1971; except that all references to the "Internal Revenue Code of 1954" in section
15-1-1002(3) and (5)
refer to the "Internal Revenue Code of 1954" as it exists on April 19, 1973.
L. 71: p. 590, § 1. C.R.S. 1963: § 57-10-6. L. 73: p. 639, § 3.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 10 - CHARITABLE, EDUCATIONAL, RELIGIOUS, AND BENEVOLENT TRUSTS (§§ 15-1-1001 — 15-1-1007) › Section 15-1-1007 - Application of part 10

This part 10 shall apply to all trusts established after December 31, 1969, with the exceptions contained in section 4947 (a)(2) of the federal "Internal Revenue Code of 1986". This part 10 shall also apply to all trusts established before January 1, 1970, with the exceptions contained in section 508 (e)(2) and section 4947 (a)(2) of the federal "Internal Revenue Code of 1986". Section
15-1-1002(3) to (5)
shall apply in the case of all decedents dying after December 31, 1969, and in the case of all irrevocable inter vivos trusts created after July 31, 1969.
L. 71: p. 591, § 1. C.R.S. 1963: § 57-10-7. L. 73: p. 639, § 4. L. 2000: Entire section amended, p. 1846, § 27, effective August 2.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 11 - UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (§§ 15-1-1101 — 15-1-1110) › Section 15-1-1101 - Short title

This part 11 shall be known and may be cited as the "Uniform Prudent Management of Institutional Funds Act".
L. 2008: Entire part R&RE, p. 559, § 1, effective September 1.
This section is similar to former § 15-1-1101 as it existed prior to 2008.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 11 - UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (§§ 15-1-1101 — 15-1-1110) › Section 15-1-1107 - Reviewing compliance

Compliance with this part 11 is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight.
L. 2008: Entire part R&RE, p. 564, § 1, effective September 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 11 - UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (§§ 15-1-1101 — 15-1-1110) › Section 15-1-1108 - Application to existing institutional funds

This part 11 applies to institutional funds existing on or established after September 1, 2008. As applied to institutional funds existing on September 1, 2008, this part 11 governs only decisions made or actions taken on or after said date.
L. 2008: Entire part R&RE, p. 565, § 1, effective September 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 11 - UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (§§ 15-1-1101 — 15-1-1110) › Section 15-1-1109 - Relation to "Electronic Signatures in Global and National Commerce Act"

This part 11 modifies, limits, and supersedes the "Electronic Signatures in Global and National Commerce Act",
15 U.S.C. sec. 7001
et seq., but does not modify, limit, or supersede section 101 (a) of that act,
15 U.S.C. sec. 7001(a)
, or authorize electronic delivery of any of the notices described in section 103 (b) of that act,
15 U.S.C. sec. 7003(b)
.
L. 2008: Entire part R&RE, p. 565, § 1, effective September 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 11 - UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT (§§ 15-1-1101 — 15-1-1110) › Section 15-1-1110 - Uniformity of application and construction

In applying and construing this part 11, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
L. 2008: Entire part R&RE, p. 565, § 1, effective September 1.
This section is similar to former § 15-1-1102 as it existed prior to 2008.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 12 - LIFE ESTATE IN PROPERTY OF SURVIVING SPOUSE (§§ 15-1-1201 — 15-1-1202) › Section 15-1-1201 - Life estate in property - rights of surviving spouse

(1)
Unless the instrument provides otherwise, any devise of a life estate in property to a surviving spouse by a decedent spouse shall entitle the surviving spouse to:
(a)
All income for life from the entire interest in or specific portion of the property, payable annually or at more frequent intervals;
(b)
Exclusive beneficial enjoyment of the property during his life, including such income or use of the property as is consistent with the value of the property and its preservation; except that, during the surviving spouse's lifetime, no person other than the surviving spouse may receive any distribution of the property or its income; and
(c)
Make the property productive or convert it into productive property within a reasonable time after the devise; except that, the exercise of such power shall be subject to the degree of judgment and care which a prudent person would use if he were the owner of the property. The proceeds of any such conversion shall be reinvested by the surviving spouse in a form subject to the life estate and remainder rights created by the decedent.
(2)
The provisions of this part 12 shall be interpreted consistently with the requirements of section 2056 (b)(7) of the federal "Internal Revenue Code of 1986", as amended, if the personal representative of the estate of the decedent spouse elects to treat such life estate as qualified terminable interest property under said Internal Revenue Code section.
L. 88: Entire part added, p. 647, § 1, effective May 17. L. 2000: (2) amended, p. 1846, § 28, effective August 2.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 12 - LIFE ESTATE IN PROPERTY OF SURVIVING SPOUSE (§§ 15-1-1201 — 15-1-1202) › Section 15-1-1202 - Applicability of part

This part 12 shall apply to the estate of any person whose death occurred after December 31, 1981.
L. 88: Entire part added, p. 648, § 1, effective May 17.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 13 - [Repealed] (§ 15-1-1301) › Section 15-1-1301 - to 15-1-1321 - [Repealed]

(1) This part 13 was added in 1992.
(2) Section 15-1-1321 provided for the repeal of this part 13, effective January 1, 2010. (See L. 2009, p. 427.)
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1501 - Short title

This part 15 may be cited as the "Revised Uniform Fiduciary Access to Digital Assets Act".
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 179, § 1, effective August 10.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1504 - User direction for disclosure of digital assets

(1)
A user may use an on-line tool to direct the custodian to disclose to a designated recipient or to not disclose some or all of the user's digital assets, including the content of electronic communications. If the on-line tool allows the user to modify or delete a direction at all times, a direction regarding disclosure using an on-line tool overrides a contrary direction by the user in a will, trust, power of attorney, or other record.
(2)
If a user has not used an on-line tool to give direction under subsection (1) of this section or if the custodian has not provided an on-line tool, the user may allow or prohibit in a will, trust, power of attorney, or other record, disclosure to a fiduciary of some or all of the user's digital assets, including the content of electronic communications sent or received by the user.
(3)
A user's direction under subsection (1) or (2) of this section overrides a contrary provision in a terms-of-service agreement that does not require the user to act affirmatively and distinctly from the user's assent to the terms of service.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 182, § 1, effective August 10.
OFFICIAL COMMENT
This section addresses the relationship of online tools, other records documenting the user's intent, and terms-of-service agreements. In some instances, there may be a conflict between the directions provided by a user in an online tool that limits access by other parties to the user's digital assets, and the user's estate planning or other personal documents that purport to authorize access for specified persons in identified situations. The act attempts to balance these interests by establishing a three-tier priority system for determining the user's intent with respect to any digital asset.
Subsection (1) gives top priority to a user's wishes as expressed using an online tool. If a custodian of digital assets allows the user to provide directions for handling those digital assets in case of the user's death or incapacity, and the user does so, that provides the clearest possible indication of the user's intent and is specifically limited to those particular digital assets.
If the user does not give direction using an online tool, but makes provisions in an estate plan for the disposition of digital assets, subsection (2) gives legal effect to the user's directions. The fiduciary charged with managing the user's digital assets must provide a copy of the relevant document to the custodian when requesting access. See Sections 1507 through 1514.
If the user provides no other direction, the terms-of-service governing the account will apply. If the terms-of-service do not address fiduciary access to digital assets, the default rules provided in this act will apply.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1505 - Terms-of-service agreement

(1)
This part 15 does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user.
(2)
This part 15 does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.
(3)
A fiduciary's or designated recipient's access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under section
15-1-1504
.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 182, § 1, effective August 10.
OFFICIAL COMMENT
This section clarifies that, to the extent that a custodian gives a fiduciary access to an account pursuant to Section 1506, the account's terms-of-service agreement applies equally to the original user and to a fiduciary acting for the original user. A fiduciary is subject to the same terms and conditions of the user's agreement with the custodian. This section does not require a custodian to permit a fiduciary to assume a user's terms-of-service agreement if the custodian can otherwise comply with Section 1506.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1508 - Disclosure of other digital assets of deceased user

(1)
Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalog of electronic communications sent or received by the user and digital assets, other than the content of electronic communications, of the user, if the representative gives the custodian:
(a)
A written request for disclosure in physical or electronic form;
(b)
A certified copy of the death certificate of the user;
(c)
A certified copy of the letter of appointment of the representative or a small-estate affidavit or court order; and
(d)
If requested by the custodian:
(I)
A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the user's account;
(II)
Evidence linking the account to the user;
(III)
An affidavit stating that disclosure of the user's digital assets is reasonably necessary for administration of the estate; or
(IV)
A finding by the court that:
(A)
The user had a specific account with the custodian, identifiable by the information specified in subparagraph (I) of this paragraph (d); or
(B)
Disclosure of the user's digital assets is reasonably necessary for administration of the estate.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 184, § 1, effective August 10.
OFFICIAL COMMENT
As in Section 1507, when requesting disclosure of non-content, the fiduciary must write or email the custodian.
Section 1508 requires disclosure of all other digital assets, unless prohibited by the decedent or directed by the court, once the personal representative provides a written request, a death certificate and a certified copy of the letter of appointment. In addition, the custodian may request a court order, and such an order must include findings that the decedent had a specific account with the custodian and that disclosure of the decedent's digital assets is reasonably necessary for administration of the estate. Thus, Section 1508 was intended to give personal representatives default access to the "catalogue" of electronic communications and other digital assets not protected by federal privacy law.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1509 - Disclosure of content of electronic communications of principal

(1)
To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal and unless directed otherwise by the principal or the court, a custodian shall disclose to the agent the content if the agent gives the custodian:
(a)
A written request for disclosure in physical or electronic form;
(b)
An original or copy of the power of attorney expressly granting the agent authority over the content of electronic communications of the principal;
(c)
A certification by the agent, under penalty of perjury, that the power of attorney is in effect; and
(d)
If requested by the custodian:
(I)
A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the principal's account; or
(II)
Evidence linking the account to the principal.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 185, § 1, effective August 10.
OFFICIAL COMMENT
An agent has access to the content of electronic communications only when the power of attorney explicitly grants access. Section 1510 concerns disclosure of other digital assets of the principal.
When a power of attorney contains the consent of the principal, ECPA does not prevent the agent from exercising authority over the content of an electronic communication. See the Comments to Section 1507. There should be no question that an explicit delegation of authority in a power of attorney constitutes authorization from the user to access digital assets and provides "lawful consent" to allow disclosure of the content of an electronic communication from an electronic-communication service or a remote-computing service pursuant to applicable law. Both authorization and lawful consent are important because
18 U.S.C. Section 2701
deals with intentional access without authorization and
18 U.S.C. Section 2702
allows a service provider to disclose with lawful consent. Federal courts have not yet interpreted how ECPA affects a fiduciary's efforts to access the content of an electronic communication.
E.g., In re Facebook, Inc.
, 923 F. Supp. 2d 1204 (N.D. Cal. 2012).
When requesting access, the agent must write or email the custodian (see the comments in Section 1507). The agent must also give the custodian an original or copy of the power of attorney expressly granting the agent authority over the contents of electronic communications of the principal to the agent and a certification by the agent, under penalty of perjury, that the power of attorney is in effect. In addition, if requested by the custodian, the agent must provide a unique subscriber or account identifier assigned by the custodian to identify the principal's account or other evidence linking the account to the principal.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1510 - Disclosure of other digital assets of principal

(1)
Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on behalf of a principal a catalog of electronic communications sent or received by the principal and digital assets, other than the content of electronic communications, of the principal if the agent gives the custodian:
(a)
A written request for disclosure in physical or electronic form;
(b)
An original or a copy of the power of attorney that gives the agent specific authority over digital assets or general authority to act on behalf of the principal;
(c)
A certification by the agent, under penalty of perjury, that the power of attorney is in effect; and
(d)
If requested by the custodian:
(I)
A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the principal's account; or
(II)
Evidence linking the account to the principal.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 185, § 1, effective August 10.
OFFICIAL COMMENT
This section establishes that the agent has default authority over all of the principal's digital assets, other than the content of the principal's electronic communications. When requesting access, the agent must write or email the custodian (see the comments in Section 1507).
The agent must also give the custodian an original or copy of the power of attorney and a certification by the agent, under penalty of perjury, that the power of attorney is in effect. Also, if requested by the custodian, the agent must provide a unique subscriber or account identifier assigned by the custodian to identify the principal's account, or some evidence linking the account to the principal.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1511 - Disclosure of digital assets held in trust when trustee is original user

Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, including a catalog of electronic communications of the trustee and the content of electronic communications.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 186, § 1, effective August 10.
OFFICIAL COMMENT
Section 1511 provides that trustees who are original users can access all digital assets held in the trust. There should be no question that a trustee who is the original user will have full access to all digital assets. This includes the content of electronic communications, as access to content is presumed with respect to assets for which the trustee is the initial user. A trustee may have title to digital assets when the trustee opens an account as trustee; under those circumstances, the trustee can access the content of each digital asset that is in an account for which the trustee is the original user, not necessarily each digital asset held in the trust.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1513 - Disclosure of other digital assets held in trust when trustee not original user

(1)
Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalog of electronic communications sent or received by an original or successor user and stored, carried, or maintained by the custodian in an account of the trust and any digital assets, other than the content of electronic communications, in which the trust has a right or interest if the trustee gives the custodian:
(a)
A written request for disclosure in physical or electronic form;
(b)
A certified copy of the trust instrument or a registration of the trust under part 2 of article
5
of this title 15;
(c)
A certification by the trustee, under penalty of perjury, that the trust exists and the trustee is a currently acting trustee of the trust; and
(d)
If requested by the custodian:
(I)
A number, username, address, or other unique subscriber or account identifier assigned by the custodian to identify the trust's account; or
(II)
Evidence linking the account to the trust.
Amended by 2018 Ch. 169, § 7, eff. 1/1/2019.
Added by 2016 Ch. 71, § 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 186, § 1, effective August 10. L. 2018: (1)(b) amended, (SB 18-180), ch. 169, p. 1192, § 7, effective 1/1/2019.
OFFICIAL COMMENT
Section 1513 governs digital assets other than the contents of electronic communications, so it does not require the settlor's consent.
When requesting access, the trustee must write or email the custodian (see Comments to Section 1507).
The trustee must also give the custodian an original or copy of the trust, and a certification by the trustee, under penalty of perjury, that the trust exists and that the trustee is a currently acting trustee of the trust. Also, if requested by the custodian, the trustee must provide a unique subscriber or account identifier assigned by the custodian to identify the trust's account, or some evidence linking the account to the trust.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1517 - Uniformity of application and construction

In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 190, § 1, effective August 10.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1 - FIDUCIARY (§§ 15-1-101 — 15-1-1518) › Part 15 - REVISED UNIFORM FIDUCIARY ACCESS TO DIGITAL ASSETS ACT (§§ 15-1-1501 — 15-1-1518) › Section 15-1-1518 - Relation to electronic signatures in global and national commerce act

This part 15 modifies, limits, or supersedes the federal "Electronic Signatures in Global and National Commerce Act",
15 U.S.C. sec. 7001
, et seq., but does not modify, limit, or supersede section 101(c) of that act,
15 U.S.C. sec. 7001(c)
, or authorize electronic delivery of any of the notices described in section 103(b) of that act,
15 U.S.C. sec. 7003(b)
.
Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.
L. 2016: Entire part added, (SB 16-088), ch. 71, p. 190, § 1, effective August 10.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-104 - Duties at inception of trusteeship

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust, and with the requirements of this article.
L. 95: Entire article added, p. 310, § 1, effective July 1.
OFFICIAL COMMENT
Section 4, requiring the trustee to dispose of unsuitable assets within a reasonable time, is old law, codified in Restatement of Trusts 3d: Prudent Investor Rule § 229 (1992), lightly revising Restatement of Trusts 2d § 230 (1959). The duty extends as well to investments that were proper when purchased but subsequently become improper. Restatement of Trusts 2d § 231 (1959). The same standards apply to successor trustees, see Restatement of Trusts 2d § 196 (1959).
The question of what period of time is reasonable turns on the totality of factors affecting the asset and the trust. The 1959 Restatement took the view that "[o]rdinarily any time within a year is reasonable, but under some circumstances a year may be too long a time and under other circumstances a trustee is not liable although he fails to effect the conversion for more than a year." Restatement of Trusts 2d § 230, comment b (1959). The 1992 Restatement retreated from this rule of thumb, saying, "No positive rule can be stated with respect to what constitutes a reasonable time for the sale or exchange of securities." Restatement of Trusts 3d: Prudent Investor Rule § 229, comment b (1992).
The criteria and circumstances identified in Section 2 of this Act as bearing upon the prudence of decisions to invest and manage trust assets also pertain to the prudence of decisions to retain or dispose of inception assets under this section.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-106 - Impartiality

If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
L. 95: Entire article added, p. 311, § 1, effective July 1.
OFFICIAL COMMENT
The duty of impartiality derives from the duty of loyalty. When the trustee owes duties to more than one beneficiary, loyalty requires the trustee to respect the interests of all the beneficiaries. Prudence in investing and administration requires the trustee to take account of the interests of all the beneficiaries for whom the trustee is acting, especially the conflicts between the interests of beneficiaries interested in income and those interested in principal.
The language of Section 6 derives from Restatement of Trusts 2d § 183 (1959); see also id., § 232. Multiple beneficiaries may be beneficiaries in succession (such as life and remainder interests) or beneficiaries with simultaneous interests (as when the income interest in a trust is being divided among several beneficiaries).
The trustee's duty of impartiality commonly affects the conduct of investment and management functions in the sphere of principal and income allocations. This Act prescribes no regime for allocating receipts and expenses. The details of such allocations are commonly handled under specialized legislation, such as the Revised Uniform Principal and Income Act (1962) (which is presently under study by the Uniform Law Commission with a view toward further revision).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-107 - Investment costs

In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.
L. 95: Entire article added, p. 311, § 1, effective July 1.
OFFICIAL COMMENT
Wasting beneficiaries' money is imprudent. In devising and implementing strategies for the investment and management of trust assets, trustees are obliged to minimize costs.
The language of Section 7 derives from Restatement of Trusts 2d § 188 (1959). The Restatement of Trusts 3d says: "Concerns over compensation and other charges are not an obstacle to a reasonable course of action using mutual funds and other pooling arrangements, but they do require special attention by a trustee. . . . [I]t is important for trustees to make careful cost comparisons, particularly among similar products of a specific type being considered for a trust portfolio." Restatement of Trusts 3d: Prudent Investor Rule § 227, comment m, at 58 (1992).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-108 - Reviewing compliance

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.
L. 95: Entire article added, p. 311, § 1, effective July 1.
OFFICIAL COMMENT
This section derives from the 1991 Illinois act, 760 ILCS 5/5(a)(2) (1992), which draws upon Restatement of Trusts 3d: Prudent Investor Rule § 227, comment b, at 11 (1992). Trustees are not insurers. Not every investment or management decision will turn out in the light of hindsight to have been successful. Hindsight is not the relevant standard. In the language of law and economics, the standard is ex ante, not ex post.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-110 - Language invoking standard of article

The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this article: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule," "prudent person rule," and "prudent investor rule."
L. 95: Entire article added, p. 311, § 1, effective July 1.
OFFICIAL COMMENT
This provision is taken from the Illinois act, 760 ILCS § 5/5(d) (1992), and is meant to facilitate incorporation of the Act by means of the formulaic language commonly used in trust instruments.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-111 - Application to existing trusts

This article applies to trusts existing on and created after July 1, 1995; except that, as applied to trusts existing on July 1, 1995, this article governs only decisions or actions occurring after said date.
L. 95: Entire article added, p. 312, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-112 - 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 the states enacting it.
L. 95: Entire article added, p. 312, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-113 - Short title

This article shall be known and may be cited as the "Colorado Uniform Prudent Investor Act".
L. 95: Entire article added, p. 312, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-114 - 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.
L. 95: Entire article added, p. 312, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.1 - UNIFORM PRUDENT INVESTOR ACT (§§ 15-1.1-101 — 15-1.1-115) › Section 15-1.1-115 - Colorado changes to uniform act - specific statutes control - use of term "trustee"

(1)
(a)
The general assembly recognizes that persons, corporations, entities, or state agencies who have responsibility for investing funds may be subject to a standard that is specifically set forth in other statutes. Under such circumstances, such persons, corporations, entities, or state agencies shall comply with the standard of investment set forth in the other statute, and this article shall not modify or repeal that standard.
(b)
In addition, as provided for in section
15-1-304.1
, this article 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.
(2)
As used in this article, "trustee" includes original or successor administrators, special administrators, administrators cum testamento annexo, executors, guardians, conservators, and trustees, whether of express or implied trusts.
L. 95: Entire article added, p. 312, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.2 - UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (§§ 15-1.2-101 — 15-1.2-804) › Part 1 - GENERAL PROVISIONS (§§ 15-1.2-101 — 15-1.2-104) › Section 15-1.2-101 - Short title

This article 1.2 may be cited as the "Uniform Fiduciary Income and Principal Act".
Added by 2021 Ch. 143,§1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.2 - UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (§§ 15-1.2-101 — 15-1.2-804) › Part 1 - GENERAL PROVISIONS (§§ 15-1.2-101 — 15-1.2-104) › Section 15-1.2-103 - Scope

(1)
Except as otherwise provided in the terms of a trust, a will, or this article 1.2, this article 1.2 applies to:
(a)
A trust or estate.
(b)
Reserved.
Added by 2021 Ch. 143,§1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.2 - UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (§§ 15-1.2-101 — 15-1.2-804) › Part 1 - GENERAL PROVISIONS (§§ 15-1.2-101 — 15-1.2-104) › Section 15-1.2-104 - Governing law

Except as otherwise provided in the terms of a trust or this article 1.2, this article 1.2 applies when this state is the principal place of administration of a trust or estate. By accepting the trusteeship of a trust having its principal place of administration in this state or by moving the principal place of administration of a trust to this state, the trustee submits to the application of this article 1.2 to any matter within the scope of this article 1.2 involving the trust.
Added by 2021 Ch. 143,§1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.2 - UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (§§ 15-1.2-101 — 15-1.2-804) › Part 2 - FIDUCIARY DUTIES AND JUDICIAL REVIEW (§§ 15-1.2-201 — 15-1.2-204) › Section 15-1.2-202 - Judicial review of exercise of discretionary power - definition

(1)
In this section, "fiduciary decision" means:
(a)
A fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the terms of the trust or this article 1.2;
(b)
The fiduciary's exercise or nonexercise of a discretionary power regarding income and principal granted by the terms of the trust or this article 1.2, including the power to adjust under section
15-1.2-203
, convert an income trust to a unitrust under section
15-1.2-303 (1)(a)
, change the percentage or method used to calculate a unitrust amount under section
15-1.2-303 (1)(b)
, or convert a unitrust to an income trust under section
15-1.2-303 (1)(c)
; or
(c)
The fiduciary's implementation of a decision described in subsection (1)(a) or (1)(b) of this section.
(2)
The court may not order a fiduciary to change a fiduciary decision unless the court determines that the fiduciary decision was an abuse of the fiduciary's discretion.
(3)
If the court determines that a fiduciary decision was an abuse of the fiduciary's discretion, the court may order a remedy authorized by law, including section
15-5-1001
of the "Colorado Uniform Trust Code" and part 5 of article
10
of this title 15. To place the beneficiaries in the positions the beneficiaries would have occupied if there had not been an abuse of the fiduciary's discretion, the court may order:
(a)
The fiduciary to exercise or refrain from exercising the power to adjust under section
15-1.2-203
;
(b)
The fiduciary to exercise or refrain from exercising the power to convert an income trust to a unitrust under section
15-1.2-303 (1)(a)
, change the percentage or method used to calculate a unitrust amount under section
15-1.2-303 (1)(b)
, or convert a unitrust to an income trust under section
15-1.2-303 (1)(c)
;
(c)
The fiduciary to distribute an amount to a beneficiary;
(d)
A beneficiary to return some or all of a distribution; or
(e)
The fiduciary to withhold an amount from one or more future distributions to a beneficiary.
(4)
Reserved.
Amended by 2022 Ch. 421, § 24, eff. 8/10/2022.
Added by 2021 Ch. 143, § 1, eff. 1/1/2022.
2022 Ch. 421, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.2 - UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (§§ 15-1.2-101 — 15-1.2-804) › Part 3 - UNITRUST (§§ 15-1.2-301 — 15-1.2-309) › Section 15-1.2-301 - Definitions

In this part 3:
(1)
"Applicable value" means the amount of the net fair market value of a trust taken into account under section
15-1.2-307
.
(2)
"Express unitrust" means a trust for which, under the terms of the trust without regard to this part 3, income or net income must or may be calculated as a unitrust amount.
(3)
"Income trust" means a trust that is not a unitrust.
(4)
"Net fair market value of a trust" means the fair market value of the assets of the trust, less the noncontingent liabilities of the trust.
(5)
"Unitrust" means a trust for which net income is a unitrust amount. The term includes an express unitrust.
(6)
"Unitrust amount" means an amount computed by multiplying a determined value of a trust by a determined percentage. For a unitrust administered under a unitrust policy, the term means the applicable value, multiplied by the unitrust rate.
(7)
"Unitrust policy" means a policy described in sections
15-1.2-305
through
15-1.2-309
and adopted under section
15-1.2-303
.
(8)
"Unitrust rate" means the rate used to compute the unitrust amount under subsection (6) of this section for a unitrust administered under a unitrust policy.
Added by 2021 Ch. 143, § 1, eff. 1/1/2022.
2023 Colorado Revised Statutes › Title 15 - PROBATE, TRUSTS, AND FIDUCIARIES (§§ 15-1-101 — 15-24-403) › FIDUCIARY (§§ 15-1-101 — 15-1.5-122) › Article 1.2 - UNIFORM FIDUCIARY INCOME AND PRINCIPAL ACT (§§ 15-1.2-101 — 15-1.2-804) › Part 3 - UNITRUST (§§ 15-1.2-301 — 15-1.2-309) › Section 15-1.2-302 - Application - duties and remedies

(1)
Except as otherwise provided in subsection (2) of this section, this part 3 applies to:
(a)
An income trust, unless the terms of the trust expressly prohibit use of this part 3 by a specific reference to this part 3 or an explicit expression of intent that net income not be calculated as a unitrust amount; and
(b)
An express unitrust, except to the extent the terms of the trust explicitly:
(I)
Prohibit use of this part 3 by a specific reference to this part 3;
(II)
Prohibit conversion to an income trust; or
(III)
Limit changes to the method of calculating the unitrust amount.
(2)
This part 3 does not apply to a trust described in section 170 (f)(2)(B), 642 (c)(5), 664 (d), or 2702 of the "Internal Revenue Code of 1986",
26 U.S.C. sec. 170(f)(2)(B)
,
642(c)(5)
,
664(d)
, or
2702
, as amended.
(3)
An income trust to which this part 3 applies under subsection (1)(a) of this section may be converted to a unitrust under this part 3 regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this part 3 does not affect other terms of the trust concerning distributions of income or principal.
(4)
This part 3 applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust's interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this part 3.
(5)
This part 3 does not create a duty to take or consider action under this part 3 or to inform a beneficiary about the applicability of this part 3.
(6)
A fiduciary that in good faith takes or fails to take an action under this part 3 is not liable to a person affected by the action or inaction.
Added by 2021 Ch. 143,§1, eff. 1/1/2022.