Colorado § 15-15-221 - Authority of financial institution.
Full text of Colorado Colorado Revised Statutes § 15-15-221 — Authority of financial institution., with citation guidance and answers to common questions.
§ 15-15-221. Authority of financial institution.
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
Source: L. 90: Entire article R&RE, p. 915, § 1, effective July 1.
Editor's note: This section is similar to former § 15-15-108 as it existed prior to 1990.
ANNOTATION
Section does not address circumstances in which the financial institution knows, without need for further inquiry, the source of funds deposited. When a financial institution has actual knowledge that an account holder is a fiduciary and not a beneficial owner of account assets, neither this section nor § 15-15-222 relieves the financial institution of duties imposed by the Uniform Probate Code, the Uniform Commercial Code, or the Uniform Fiduciary Law. Bryant v. Cmty. Choice Credit Union, 160 P.3d 266 (Colo. App. 2007).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 15-15-221
What does Colorado Revised Statutes § 15-15-221 cover?
Section 15-15-221 ("Authority of financial institution.") 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 § 15-15-221?
A common citation format is "Colorado Revised Statutes § 15-15-221" (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 § 15-15-221 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.