C.R.S. Section 15-16-903
Scope

  • definitions

(1)

Except as otherwise provided in subsections (2) and (3) of this section, this part 9 applies to an express trust that is:

(a)

Irrevocable; or

(b)

Revocable by the settlor only with the consent of the trustee or a person holding an adverse interest.

(2)

This part 9 does not apply to a trust held solely for charitable purposes.

(3)

Subject to section 15-16-915, a trust instrument may restrict or prohibit exercise of the decanting power.

(4)

This part 9 does not limit the power of a trustee, powerholder, or other person to distribute or appoint property in further trust or to modify a trust under the trust instrument, law of this state other than this part 9, common law, a court order, or a nonjudicial settlement agreement.

(5)

This part 9 does not affect the ability of a settlor to provide in a trust instrument for the distribution of the trust property or appointment in further trust of the trust property or for modification of the trust instrument.

(6)

Intentionally left blank —Ed.

(a)

Neither this part 9 nor an exercise of the decanting power described in this part 9 affects:

(I)

The determination whether a beneficial interest in a first trust or second trust is property or an asset of a spouse for purposes of distribution of property under section 14-10-113, C.R.S.; or

(II)

The power of a divorce court to fashion remedies between the parties in an action under title 14, C.R.S.

(b)

Nothing in this subsection (6) expands or limits the power of a divorce court in law or equity over a first trust or a second trust or any trustee thereof.

(c)

As used in this subsection (6), unless the context requires otherwise, “divorce court” means a court in this state having jurisdiction over matters brought pursuant to title 14, C.R.S.

Source: Section 15-16-903 — Scope - definitions, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-15.­pdf (accessed Oct. 20, 2023).

15‑16‑801
Short title 15‑16‑802
Definitions 15‑16‑803
Application - principal place of administration 15‑16‑804
Common law and principles of equity 15‑16‑805
Exclusions - definition 15‑16‑806
Powers of trust director 15‑16‑807
Limitations on powers of trust director 15‑16‑808
Duty and liability of trust director 15‑16‑809
Duty and liability of directed trustee 15‑16‑810
Duty to provide information to trust director or trustee 15‑16‑811
No duty to monitor, inform, or advise 15‑16‑812
Application to cotrustee 15‑16‑813
Limitations of action against trust director 15‑16‑814
Defenses in action against trust director 15‑16‑815
Jurisdiction over trust director 15‑16‑816
Office of trust director 15‑16‑817
Uniformity of application and construction 15‑16‑818
Relation to electronic signatures in global and national commerce act 15‑16‑901
Short title 15‑16‑902
Definitions 15‑16‑903
Scope - definitions 15‑16‑904
Fiduciary duty 15‑16‑905
Application - governing law 15‑16‑906
Reasonable reliance 15‑16‑907
Notice - exercise of decanting power 15‑16‑908
Representation 15‑16‑909
Court involvement 15‑16‑910
Formalities 15‑16‑911
Decanting power under expanded distributive discretion - definitions 15‑16‑912
Decanting power under limited distributive discretion - definitions 15‑16‑913
Trust for beneficiary with disability - definitions 15‑16‑914
Protection of charitable interest - definitions 15‑16‑915
Trust limitation on decanting 15‑16‑916
Change in compensation 15‑16‑917
Relief from liability and indemnification 15‑16‑918
Removal or replacement of authorized fiduciary 15‑16‑919
Tax-related limitations - definitions 15‑16‑920
Duration of second trust 15‑16‑921
Need to distribute not required 15‑16‑922
Saving provision 15‑16‑923
Trust for care of animal - definitions 15‑16‑924
Terms of second trust 15‑16‑925
Settlor 15‑16‑926
Later-discovered property 15‑16‑927
Obligations 15‑16‑928
Uniformity of application and construction 15‑16‑929
Relation to electronic signatures in global and national commerce act 15‑16‑930
Severability
Green check means up to date. Up to date

Current through Fall 2024

§ 15-16-903’s source at colorado​.gov