Colorado § 15-5-506 - Overdue distribution - definition.
Full text of Colorado Colorado Revised Statutes § 15-5-506 — Overdue distribution - definition., with citation guidance and answers to common questions.
§ 15-5-506. Overdue distribution - definition.
(1) In this section, "mandatory distribution" means a distribution of income or principal which the trustee is required to make to a beneficiary under the terms of the trust, including a distribution upon termination of the trust. The term does not include a distribution subject to the exercise of the trustee's discretion, even if the discretion is expressed in the form of a standard of distribution, or the terms of the trust authorizing a distribution couple language of discretion with language of direction.
(2) Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.
Source: L. 2021: Entire part added, (SB 21-162), ch. 170, p. 943, § 1, effective September 7.
Frequently Asked Questions About Colorado § 15-5-506
What does Colorado Revised Statutes § 15-5-506 cover?
Section 15-5-506 ("Overdue distribution - definition.") 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 § 15-5-506?
A common citation format is "Colorado Revised Statutes § 15-5-506" (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 § 15-5-506 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.