Colorado § 39-23.5-114 - Liability for payment.
Full text of Colorado Colorado Revised Statutes § 39-23.5-114 — Liability for payment., with citation guidance and answers to common questions.
§ 39-23.5-114. Liability for payment.
(1) The tax imposed by this article shall be paid by the person required to file. No person required to file shall be liable for a sum greater than the value of the property actually received by him.
(2) If the tax imposed by this article is not paid when due, the spouse, qualified heir, distributee, transferee, trustee (except the trustee of an employees' trust which meets the requirement of section 401 (a) of the internal revenue code), surviving tenant, person in possession of the property by reason of the exercise, nonexercise, or release of a power of appointment, or beneficiary who receives, or has on the date of the decedent's death, property included in the gross estate or the generation-skipping transfer shall, to the extent of the value of such property for Colorado tax purposes, be personally liable for such tax. The personal liability imposed by this subsection (2) shall, with respect to estates of decedents dying or generation-skipping transfers occurring on or after July 1, 1980, not be valid as against any purchaser, mortgagee, pledgee, or transferee of, or a holder of a security interest in, such property if acquired by him for a full and adequate consideration in money or money's worth. A recorded instrument on which a state documentary fee is noted pursuant to section 39-13-103 shall be prima facie evidence that the transfer described in such instrument was for full and adequate consideration in money or money's worth.
Source: L. 79: Entire article added, p. 1435, § 16, effective July 3. L. 83: Entire section amended, p. 1536, § 12, effective July 1.
Frequently Asked Questions About Colorado § 39-23.5-114
What does Colorado Revised Statutes § 39-23.5-114 cover?
Section 39-23.5-114 ("Liability for payment.") 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 § 39-23.5-114?
A common citation format is "Colorado Revised Statutes § 39-23.5-114" (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 § 39-23.5-114 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.