C.R.S. Section 15-10-504
Surcharge

  • contempt
  • sanctions against fiduciaries

(1)

Notice.
Except as provided in subsection (3) of this section, notice to a fiduciary concerning any matters governed by the provisions of this section shall be provided pursuant to section 15-10-505.

(2)

Surcharge.

(a)

If a court, after a hearing, determines that a breach of fiduciary duty has occurred or an exercise of power by a fiduciary has been improper, after applying the standards of care applicable to each fiduciary in a proceeding, the court may surcharge the fiduciary for any damage or loss to the estate, beneficiaries, or interested persons. Such damages may include compensatory damages, interest, and attorney fees and costs. When allocating any such damages among fiduciaries, the court shall consider the standards of care applicable to the fiduciaries in the proceeding.

(b)

In awarding attorney fees and costs pursuant to this section, a court may consider the provisions of part 6 of this article 10 and shall consider the standards of care applicable to the fiduciaries in the proceeding.

(3)

Contempt proceedings against fiduciary.
Nothing in this part 5 shall be interpreted to limit or restrict a court’s authority to proceed against a fiduciary for direct contempt as provided in rule 107 of the Colorado rules of civil procedure. In addition, if a fiduciary fails to comply with an order of a court issued pursuant to this part 5, the court may proceed against the fiduciary for indirect contempt as provided in rule 107 of the Colorado rules of civil procedure. A court may initiate indirect contempt proceedings on its own motion or upon the filing of a motion supported by affidavit as described in rule 107 of the Colorado rules of civil procedure.

(4)

Sanctions.
If a court determines that a breach of fiduciary duty has occurred or an exercise of power by a fiduciary has been improper, the court, after a hearing, may order such other sanctions as the court deems appropriate, but the court shall take into account the standards of care applicable to each fiduciary in the proceeding.

(5)

Remedies.
If remedies are sought against a directed trustee for complying with the direction of a trust director under the “Colorado Uniform Directed Trust Act”, part 8 of article 16 of this title 15, or comparable arrangement created under the terms of a trust, the court shall take into account the standards of care applicable to each fiduciary in the proceeding when apportioning damages, fees, costs, or fault among the fiduciaries.

Source: Section 15-10-504 — Surcharge - contempt - sanctions against fiduciaries, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

15‑10‑101
Short title 15‑10‑102
Purposes - rule of construction 15‑10‑103
Supplementary general principles of law applicable 15‑10‑104
Severability 15‑10‑105
Construction against implied repeal 15‑10‑106
Effect of fraud and evasion 15‑10‑106.5
Petition to determine cause and date of death resulting from disaster - body unidentifiable or missing 15‑10‑107
Evidence of death or status 15‑10‑108
Acts by holder of general power 15‑10‑109
Remarriage of absentee’s spouse 15‑10‑110
Insurance and other contracts - surrender value - effect of contract provisions - suit on claim of death 15‑10‑111
Entry into safe deposit box of decedent - definitions 15‑10‑112
Cost of living adjustment of certain dollar amounts 15‑10‑201
General definitions 15‑10‑301
Territorial application 15‑10‑302
Subject matter jurisdiction 15‑10‑303
Venue - multiple proceedings - transfer 15‑10‑304
Practice in court 15‑10‑305
Records and certified copies 15‑10‑306
Jury trial 15‑10‑307
Registrar - powers 15‑10‑308
Appeals 15‑10‑310
Oath or affirmation on filed document 15‑10‑401
Notice - method and time of giving 15‑10‑402
Notice - waiver 15‑10‑403
Pleadings - when parties bound by others - notice 15‑10‑501
Court powers - definitions - application 15‑10‑502
Initial investigation 15‑10‑503
Power of a court to address the conduct of a fiduciary - emergencies - nonemergencies 15‑10‑504
Surcharge - contempt - sanctions against fiduciaries 15‑10‑505
Notice to fiduciary - current address on file 15‑10‑601
Definitions 15‑10‑602
Recovery of reasonable compensation and costs 15‑10‑603
Factors in determining the reasonableness of compensation and costs 15‑10‑604
Fee disputes - process and procedure 15‑10‑605
Compensation and costs - assessment - limitations 15‑10‑606
Applicability
Green check means up to date. Up to date

Current through Fall 2024

§ 15-10-504’s source at colorado​.gov