Colorado § 15-2.5-603 - Application to existing relationships.

§ 15-2.5-603. Application to existing relationships.

(1) Except as otherwise provided in this article, on July 1, 2015, or on the effective date of any amendment to this article:

(a) This article or any amendment to this article applies to a power of appointment created before, on, or after July 1, 2015, or any amendment to this article;

(b) This article or any amendment to this article applies to any proceedings in court then pending or thereafter commenced concerning a power of appointment, except to the extent that in the opinion of the court the former procedure should be made applicable in a particular case in the interest of justice or because of infeasibility of application of the procedure of this article or any amendment to this article, in which case the particular provision of this article does not apply and the superseded law applies;

(c) A rule of construction or presumption provided in this article or any amendment to this article applies to an instrument executed before July 1, 2015, unless there is a clear indication of a contrary intent in the terms of the instrument;

(d) Except as otherwise provided in paragraphs (a) to (c) of this subsection (1), an action done before July 1, 2015, is not affected by this article or any amendment to this article; and

(e) No provision of this article or of any amendment to this article shall apply retroactively if the court determines that such application would cause the provision to be retrospective in its operation in violation of section 11 of article II of the state constitution.

(2) If a right is acquired, extinguished, or barred on the expiration of a prescribed period that commenced under law of this state other than this article or any amendment to this article before July 1, 2015, the law continues to apply to the right.

Source: L. 2014: Entire article added, (HB 14-1353), ch. 209, p. 782, § 1, effective July 1, 2015. L. 2016: IP(1) amended, (SB 16-189), ch. 210, p. 758, § 24, effective June 6.

OFFICIAL COMMENT

This act is intended to have the widest possible effect within constitutional limitations. Specifically, the act applies to all powers of appointment whenever created, to judicial proceedings concerning powers of appointment commenced on or after its effective date, and unless the court otherwise orders, to judicial proceedings in progress on the effective date. In addition, any rules of construction or presumption provided in the act apply to preexisting instruments unless there is a clear indication of a contrary intent in the instruments's terms. By applying the act to preexisting instruments, the need to know two bodies of law will quickly lessen.

This legislation cannot be fully retroactive, however. Constitutional limitations preclude retroactive application of rules of construction to alter property rights that became irrevocable prior to the effective date. Also, rights already barred under former law are not revived by a possibly more liberal rule under this act. Nor, except as otherwise provided in paragraphs (a) through (c) of subsection (1), is an action done before the effective date of the act affected by the act's enactment.

For comparable Uniform Law provisions, see Uniform Trust Code § 1106 and Uniform Probate Code § 8-101.

COLORADO UNIFORM TRUST CODE

ARTICLE 5

Colorado Uniform Trust Code

PART 1

GENERAL PROVISIONS AND DEFINITIONS

15-5-101. Short title.

15-5-102. Scope.

15-5-103. Definitions.

15-5-104. Knowledge.

15-5-105. Default and mandatory rules.

15-5-106. Common law of trusts - principles of equity - other statutes.

15-5-107. Governing law.

15-5-108. Principal place of administration.

15-5-109. Methods and waiver of notice in matters other than judicial proceedings.

15-5-110. Others treated as qualified beneficiaries.

15-5-111. Nonjudicial settlement agreements.

15-5-112. Rules of construction.

15-5-113. Alternate dispute resolution.

15-5-114. Insurable interest of trustee - definition.

PART 2

JUDICIAL PROCEEDINGS

15-5-201. Role of court in administration of trust.

15-5-202. Jurisdiction over trustee and beneficiary.

15-5-203. Subject matter jurisdiction.

15-5-204. Venue.

15-5-205. Registration of trusts.

15-5-206. Registration procedures and content of statement.

15-5-207. Effect of failure to register.

15-5-208. Registration - qualification of a foreign trustee.

15-5-209. Release of trust registration statement.

15-5-210. Judicially approved settlements.

PART 3

REPRESENTATION

15-5-301. Representation - basic effect.

15-5-301.5. Scope of representative's authority and duty of certain representatives - definitions.

15-5-302. Representation by a holder of general testamentary power of appointment.

15-5-303. Representation by fiduciaries and parents.

15-5-304. Representation by person having substantially identical interest.

15-5-305. Appointment of representative.

PART 4

CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST

15-5-401. Methods of creating trust.

15-5-402. Requirements for creation.

15-5-403. Trusts created in other jurisdictions.

15-5-404. Trust purposes.

15-5-405. Charitable purposes - enforcement.

15-5-406. Creation of trust induced by fraud, duress, or undue influence.

15-5-407. Evidence of oral trust.

15-5-408. Trust for care of an animal.

15-5-409. Noncharitable trust without ascertainable beneficiary.

15-5-409.5. Additional provisions applicable to noncharitable trusts without ascertainable beneficiary and trusts for care of animal.

15-5-410. Modification or termination of trust - proceedings for approval or disapproval.

15-5-411. Modification or termination of noncharitable irrevocable trust by consent.

15-5-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively.

15-5-413. Cy pres.

15-5-414. Modification or termination of uneconomic trust.

15-5-415. Reformation to correct mistakes.

15-5-416. Modification to achieve settlor's tax objectives.

15-5-417. Combination and division of trusts.

PART 5

CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS

15-5-501. Rights of beneficiary's creditor or assignee.

15-5-502. Spendthrift provision.

15-5-503. Exceptions to spendthrift provision - definitions.

15-5-504. Discretionary trusts - effect of standard - definitions.

15-5-505. Creditor's claim against a settlor.

15-5-506. Overdue distribution - definition.

15-5-507. Personal obligations of trustee.

15-5-508. Application of part.

PART 6

REVOCABLE TRUSTS

15-5-601. (Reserved)

15-5-602. Revocation or amendment of revocable trust.

15-5-603. Settlor's powers.

15-5-604. Limitation on action contesting validity of revocable trust.

PART 7

OFFICE OF TRUSTEE

15-5-701. Accepting or declining trusteeship.

15-5-702. Trustee's bond.

15-5-703. Cotrustees.

15-5-704. Vacancy in trusteeship - appointment of successor.

15-5-705. Resignation of trustee.

15-5-706. Removal of trustee.

15-5-707. Delivery of property by former trustee.

15-5-708. Compensation of trustee.

15-5-709. Reimbursement of expenses.

PART 8

DUTIES AND POWERS OF TRUSTEE

15-5-801. Duty to administer trust.

15-5-802. Duty of loyalty.

15-5-803. Impartiality.

15-5-804. Prudent administration.

15-5-805. Costs of administration.

15-5-806. Trustee's skills.

15-5-807. Delegation by trustee.

15-5-808. Powers to direct. (Reserved)

15-5-809. Control and protection of trust property.

15-5-810. Record keeping and identification of trust property.

15-5-811. Enforcement and defense of claims.

15-5-812. Collecting trust property.

15-5-813. Duty to inform and report.

15-5-814. Discretionary powers - tax savings.

15-5-815. General powers of trustee.

15-5-816. Specific powers of trustee.

15-5-817. Distribution on termination.

15-5-818. Reimbursement for taxes - definitions.

PART 9

(Reserved)

PART 10

LIABILITY OF TRUSTEES AND RIGHTS OF PERSONS DEALING WITH TRUSTEES

15-5-1001. Remedies for breach of trust.

15-5-1002. Damages for breach of trust.

15-5-1003. Damages in absence of breach.

15-5-1004. Compensation and costs.

15-5-1005. Limitation of actions against trustee.

15-5-1006. Reliance on trust instrument.

15-5-1007. Event affecting administration or distribution.

15-5-1008. Exculpation of trustee.

15-5-1009. Beneficiary's consent, release, or ratification.

15-5-1010. Limitation on personal liability of trustee.

15-5-1011. Interest as a general partner.

15-5-1012. Protection of person dealing with trustee.

15-5-1013. Certification of trust.

PART 11

(Reserved)

PART 12

(Reserved)

PART 13

LIFE INSURANCE POLICY OWNED BY A TRUSTEE

15-5-1301. Life insurance policy owned by a trustee - definition.

PART 14

MISCELLANEOUS PROVISIONS

15-5-1401. Uniformity of application and construction.

15-5-1402. Electronic records and signatures.

15-5-1403. Severability clause.

15-5-1404. Application to existing relationships.

PART 1

GENERAL PROVISIONS AND DEFINITIONS