Colorado § 15-1.2-302 - Application - duties and remedies.
Full text of Colorado Colorado Revised Statutes § 15-1.2-302 — Application - duties and remedies., with citation guidance and answers to common questions.
§ 15-1.2-302. Application - duties and remedies.
(1) Except as otherwise provided in subsection (2) of this section, this part 3 applies to:
(a) An income trust, unless the terms of the trust expressly prohibit use of this part 3 by a specific reference to this part 3 or an explicit expression of intent that net income not be calculated as a unitrust amount; and
(b) An express unitrust, except to the extent the terms of the trust explicitly:
(I) Prohibit use of this part 3 by a specific reference to this part 3;
(II) Prohibit conversion to an income trust; or
(III) Limit changes to the method of calculating the unitrust amount.
(2) This part 3 does not apply to a trust described in section 170 (f)(2)(B), 642 (c)(5), 664 (d), or 2702 of the "Internal Revenue Code of 1986", 26 U.S.C. sec. 170 (f)(2)(B), 642 (c)(5), 664 (d), or 2702, as amended.
(3) An income trust to which this part 3 applies under subsection (1)(a) of this section may be converted to a unitrust under this part 3 regardless of the terms of the trust concerning distributions. Conversion to a unitrust under this part 3 does not affect other terms of the trust concerning distributions of income or principal.
(4) This part 3 applies to an estate only to the extent a trust is a beneficiary of the estate. To the extent of the trust's interest in the estate, the estate may be administered as a unitrust, the administration of the estate as a unitrust may be discontinued, or the percentage or method used to calculate the unitrust amount may be changed, in the same manner as for a trust under this part 3.
(5) This part 3 does not create a duty to take or consider action under this part 3 or to inform a beneficiary about the applicability of this part 3.
(6) A fiduciary that in good faith takes or fails to take an action under this part 3 is not liable to a person affected by the action or inaction.
Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 811, § 1, effective January 1, 2022.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 15-1.2-302
What does Colorado Revised Statutes § 15-1.2-302 cover?
Section 15-1.2-302 ("Application - duties and remedies.") 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 § 15-1.2-302?
A common citation format is "Colorado Revised Statutes § 15-1.2-302" (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 § 15-1.2-302 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.