Colorado § 15-1.2-301 - Definitions.
Full text of Colorado Colorado Revised Statutes § 15-1.2-301 — Definitions., with citation guidance and answers to common questions.
§ 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.
Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 810, § 1, effective January 1, 2022.
Frequently Asked Questions About Colorado § 15-1.2-301
What does Colorado Revised Statutes § 15-1.2-301 cover?
Section 15-1.2-301 ("Definitions.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 15-1.2-301?
A common citation format is "Colorado Revised Statutes § 15-1.2-301" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 15-1.2-301 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.