C.R.S. Section 15-1.2-304
Notice

(1)

A notice required by section 15-1.2-303 (2)(b) must be sent in a manner authorized under section 15-5-109 to:

(a)

The qualified beneficiaries determined under section 15-5-103 (16), other than the attorney general; and

(b)

Each person acting as trust director of the trust under the “Colorado Uniform Directed Trust Act”, part 8 of article 16 of this title 15; and

(c)

Each person that is granted a power by the terms of the trust to appoint or remove a trustee or person described in subsection (1)(b) of this section, to the extent that power is exercisable when the person is not then serving as a trustee or person described in subsection (1)(b) of this section.

(2)

The representation provisions of sections 15-5-301 through 15-5-305 apply to notice under this section.

(3)

A person may consent in a record at any time to action proposed under section 15-1.2-303 (2)(b). A notice required by section 15-1.2-303 (2)(b) need not be sent to a person that consents under this subsection (3).

(4)

A notice required by section 15-1.2-303 (2)(b) must include:

(a)

The action proposed under section 15-1.2-303 (2)(b);

(b)

For a conversion of an income trust to a unitrust, a copy of the unitrust policy adopted under section 15-1.2-303 (1)(a);

(c)

For a change in the percentage or method used to calculate the unitrust amount, a copy of the unitrust policy or amendment or replacement of the unitrust policy adopted under section 15-1.2-303 (1)(b);

(d)

A statement that the person to which the notice is sent may object to the proposed action by stating in a record the basis for the objection and sending or delivering the record to the fiduciary;

(e)

The date by which an objection under subsection (4)(d) of this section must be received by the fiduciary, which must be at least thirty days after the date the notice is sent;

(f)

The date on which the action is proposed to be taken and the date on which the action is proposed to take effect;

(g)

The name and contact information of the fiduciary; and

(h)

The name and contact information of a person that may be contacted for additional information.

Source: Section 15-1.2-304 — Notice, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

15‑1.2‑101
Short title 15‑1.2‑102
Definitions 15‑1.2‑103
Scope 15‑1.2‑104
Governing law 15‑1.2‑201
Fiduciary duties - general principles 15‑1.2‑202
Judicial review of exercise of discretionary power - definition 15‑1.2‑203
Fiduciary’s power to adjust 15‑1.2‑204
Notice of action - definitions 15‑1.2‑301
Definitions 15‑1.2‑302
Application - duties and remedies 15‑1.2‑303
Authority of fiduciary 15‑1.2‑304
Notice 15‑1.2‑305
Unitrust policy 15‑1.2‑306
Unitrust rate 15‑1.2‑307
Applicable value 15‑1.2‑308
Period 15‑1.2‑309
Special tax benefits - rules 15‑1.2‑401
Character of receipts from entity - definitions 15‑1.2‑402
Distribution from trust or estate 15‑1.2‑403
Business of other activity conducted by fiduciary 15‑1.2‑404
Principal receipts 15‑1.2‑405
Rental property 15‑1.2‑406
Receipt on obligation to be paid in money 15‑1.2‑407
Insurance policy or contract 15‑1.2‑408
Insubstantial allocation not required 15‑1.2‑409
Deferred compensation, annuity, or similar payment - definitions 15‑1.2‑410
Liquidating asset - definition 15‑1.2‑411
Minerals, water, and other natural resources 15‑1.2‑412
Timber 15‑1.2‑413
Marital deduction property not productive of income 15‑1.2‑414
Derivative or option - definition 15‑1.2‑415
Asset-backed security 15‑1.2‑416
Other financial instrument or arrangement 15‑1.2‑501
Disbursement from income 15‑1.2‑502
Disbursement from principal 15‑1.2‑503
Transfer from income to principal for depreciation - definition 15‑1.2‑504
Reimbursement of income from principal 15‑1.2‑505
Reimbursement of principal from income 15‑1.2‑506
Income taxes 15‑1.2‑507
Adjustment between income and principal because of taxes 15‑1.2‑601
Determination and distribution of net income 15‑1.2‑602
Distribution to successor beneficiary 15‑1.2‑701
When right to income begins and ends 15‑1.2‑702
Apportionment of receipts and disbursements when decedent dies or income interest begins 15‑1.2‑703
Apportionment when income interest ends - definition 15‑1.2‑801
Uniformity of application and construction 15‑1.2‑802
Relation to electronic signatures in global and national commerce act 15‑1.2‑803
Application to trust or estate 15‑1.2‑804
Severability
Green check means up to date. Up to date

Current through Fall 2024

§ 15-1.2-304’s source at colorado​.gov