§ 11-50-118 — Liability to third persons

Colorado § 11-50-118

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Colorado Uniform Transfers to Minors Act

Text

(1) A claim based on a contract entered
into by a custodian acting in a custodial capacity, an obligation arising from the
ownership or control of custodial property, or a tort committed during the
custodianship may be asserted against the custodial property by proceeding
against the custodian in the custodial capacity, whether or not the custodian or the
minor is personally liable therefor.

(2) A custodian is not personally liable:

(a) On a contract properly entered into in the custodial capacity unless the
custodian fails to reveal that capacity and to identify the custodianship in the
contract; or

(b) For an obligation arising from control of custodial property or for a tort
committed during the custodianship unless the custodian is personally at fault.

(3) A minor is not personally liable for an obligation arising from ownership
of custodial property or for a tort committed during the custodianship unless the
minor is personally at fault.

Legislative History

Source: L. 84: Entire article R&RE, p. 390, � 1, effective July 1.