C.R.S. Section 15-1-1515
Fiduciary duty and authority


(1)

The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including:

(a)

The duty of care;

(b)

The duty of loyalty; and

(c)

The duty of confidentiality.

(2)

A fiduciary’s or designated recipient’s authority with respect to a digital asset of a user:

(a)

Except as otherwise provided in section 15-1-1504, is subject to the applicable terms of service;

(b)

Is subject to other applicable law, including copyright law;

(c)

In the case of a fiduciary, is limited by the scope of the fiduciary’s duties; and

(d)

May not be used to impersonate the user.

(3)

A fiduciary with authority over the property of a decedent, protected person, principal, or settlor has the right to access any digital asset in which the decedent, protected person, principal, or settlor had a right or interest and that is not held by a custodian or subject to a terms-of-service agreement.

(4)

A fiduciary acting within the scope of the fiduciary’s duties is an authorized user of the property of the decedent, protected person, principal, or settlor for the purpose of applicable computer-fraud and unauthorized-computer-access laws, including article 5.5 of title 18, C.R.S.

(5)

A fiduciary with authority over the tangible, personal property of a decedent, protected person, principal, or settlor:

(a)

Has the right to access the property and any digital asset stored in it; and

(b)

Is an authorized user for the purpose of computer-fraud and unauthorized-computer-access laws, including article 5.5 of title 18, C.R.S.

(6)

A custodian may disclose information in an account to a fiduciary of the user when the information is required to terminate an account used to access digital assets licensed to the user.

(7)

A fiduciary of a user may request a custodian to terminate the user’s account. A request for termination must be in writing, in either physical or electronic form, and accompanied by:

(a)

If the user is deceased, a certified copy of the death certificate of the user;

(b)

A certified copy of the letter of appointment of the representative or a small-estate affidavit or court order, court order, power of attorney, or trust giving the fiduciary authority over the account; and

(c)

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; or

(III)

A finding by the court that the user had a specific account with the custodian, identifiable by the information specified in subparagraph (I) of this paragraph (c).

(8)

A domiciliary foreign personal representative is not required to comply with the provisions of section 15-13-204, or with any other provision of article 13 of this title, as a condition to obtaining disclosure of a digital asset pursuant to this part 15.

(9)

A foreign conservator is not required to comply with the provisions of section 15-14-433 as a condition to obtaining disclosure of a digital asset pursuant to this part 15.

Source: Section 15-1-1515 — Fiduciary duty and authority, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

15‑1‑101
Short title
15‑1‑102
Legislative declaration
15‑1‑103
Definitions
15‑1‑104
Prior transactions
15‑1‑105
Application of payments to fiduciary
15‑1‑106
Transfer of negotiable instruments by fiduciary
15‑1‑107
Check drawn by fiduciary payable to third person, effect
15‑1‑108
Check drawn by and payable to fiduciary, effect
15‑1‑109
Deposit in name of fiduciary
15‑1‑110
Check drawn upon account of principal by fiduciary
15‑1‑111
Deposits in personal account of fiduciary
15‑1‑112
Deposits in name of two or more trustees
15‑1‑112.5
Liability of a fiduciary for acts of predecessor fiduciary
15‑1‑113
Cases not provided for in law
15‑1‑201
When part 2 applicable
15‑1‑201.5
Definitions
15‑1‑202
Trustee not liable, when
15‑1‑203
No liability if distribution under instrument
15‑1‑204
Rights of appointees
15‑1‑205
Rights of persons entitled
15‑1‑206
Rights of bona fide purchasers
15‑1‑301
Fiduciary defined
15‑1‑302
Application
15‑1‑303
Construction of part 3
15‑1‑304
Standard for investments
15‑1‑304.1
Standard for investments on and after July 1, 1995 - “Colorado Uniform Prudent Investor Act”
15‑1‑305
Terms of instrument govern
15‑1‑306
Court not restricted
15‑1‑308
Investments in United States government obligations
15‑1‑501
Fiduciary property kept separate
15‑1‑502
Nominees
15‑1‑503
Fiduciary property deposits
15‑1‑504
Holding of securities by fiduciary or depository of fiduciary property
15‑1‑505
Records
15‑1‑506
Liability of issuer
15‑1‑507
Custodian as fiduciary
15‑1‑508
Individual and corporate fiduciaries
15‑1‑509
Fiduciary duty
15‑1‑510
Application
15‑1‑701
Power to become partner
15‑1‑702
Family business interests - maintenance of entity - formation of successor entity
15‑1‑801
Short title
15‑1‑802
Definitions
15‑1‑803
Powers conferred on fiduciaries
15‑1‑804
Powers available
15‑1‑805
Powers of fiduciary conferred by court
15‑1‑806
Third persons protected in dealing with fiduciary
15‑1‑807
Applicability
15‑1‑1001
Legislative declaration
15‑1‑1002
Prohibition of certain acts - amendment of governing instrument
15‑1‑1003
Requirement for distribution of certain amounts
15‑1‑1004
Applicability of sections 15-1-1002 and 15-1-1003
15‑1‑1005
Rights and powers of courts and attorney general not impaired
15‑1‑1006
References to “Internal Revenue Code of 1954”
15‑1‑1007
Application of part 10
15‑1‑1101
Short title
15‑1‑1102
Definitions
15‑1‑1103
Standard of conduct in managing and investing institutional fund
15‑1‑1104
Appropriation for expenditure of accumulation of endowment fund - rules of construction
15‑1‑1105
Delegation of management and investment functions
15‑1‑1106
Release or modification of restrictions on management, investment, or purpose
15‑1‑1107
Reviewing compliance
15‑1‑1108
Application to existing institutional funds
15‑1‑1109
Relation to “Electronic Signatures in Global and National Commerce Act”
15‑1‑1110
Uniformity of application and construction
15‑1‑1201
Life estate in property - rights of surviving spouse
15‑1‑1202
Applicability of part
15‑1‑1401
Restrictions on exercise of certain fiduciary powers
15‑1‑1501
Short title
15‑1‑1502
Definitions
15‑1‑1503
Applicability
15‑1‑1504
User direction for disclosure of digital assets
15‑1‑1505
Terms-of-service agreement
15‑1‑1506
Procedure for disclosing digital assets
15‑1‑1507
Disclosure of content of electronic communications of deceased user
15‑1‑1508
Disclosure of other digital assets of deceased user
15‑1‑1509
Disclosure of content of electronic communications of principal
15‑1‑1510
Disclosure of other digital assets of principal
15‑1‑1511
Disclosure of digital assets held in trust when trustee is original user
15‑1‑1512
Disclosure of contents of electronic communications held in trust when trustee not original user
15‑1‑1513
Disclosure of other digital assets held in trust when trustee not original user
15‑1‑1514
Disclosure of digital assets to conservator of protected person
15‑1‑1515
Fiduciary duty and authority
15‑1‑1516
Custodian compliance and immunity
15‑1‑1517
Uniformity of application and construction
15‑1‑1518
Relation to electronic signatures in global and national commerce act
Green check means up to date. Up to date

Current through Fall 2024

§ 15-1-1515’s source at colorado​.gov