Colorado § 15-1.5-119 - Applicable law.
Full text of Colorado Colorado Revised Statutes § 15-1.5-119 — Applicable law., with citation guidance and answers to common questions.
§ 15-1.5-119. Applicable law.
(1) This article applies to a transfer or declaration creating a custodial trust that refers to this article if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or custodial trust property is located in this state. The custodial trust remains subject to this article despite a later change in residence or principal place of business of the transferor, beneficiary, or custodial trustee, or removal of the custodial trust property from this state.
(2) A transfer made pursuant to an act of another state substantially similar to this article is governed by the law of that state and may be enforced in this state.
Source: L. 99: Entire article added, p. 1224, § 1, effective August 4.
OFFICIAL COMMENT
This section is designed to avoid confusion in the event a party or assets are removed from the state.
Frequently Asked Questions About Colorado § 15-1.5-119
What does Colorado Revised Statutes § 15-1.5-119 cover?
Section 15-1.5-119 ("Applicable law.") 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 § 15-1.5-119?
A common citation format is "Colorado Revised Statutes § 15-1.5-119" (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 § 15-1.5-119 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.