§ 11-70-102 — Title to property of trusts - liability of trust and trustees

The
trustees of trusts established pursuant to this article shall hold the legal title to all
property at any time belonging to the trusts. They shall have control over such
property, as well as the control and management of the business and affairs of the
trust. Liability to third persons for any act, omission, or obligation of a trustee of a
trust, when acting in such capacity, shall extend to the whole of the trust estate, or
so much thereof as may be necessary to discharge such obligation, but no trustee
shall be personally liable for any such act, omission, or obligation. The trustees
shall have such powers as to the investment of the trust estate as may be set out in
the declaration of trust, without regard to the type of investments to which trustees
generally are restricted by the provisions of part 8 of article 1 of title 15, C.R.S., nor
shall such trustees be subject to the provisions of title 10, C.R.S., concerning the
regulation of insurance; except that the trustees shall report any malpractice claim
against a licensed practitioner that is settled or in which judgment is rendered
against the insured to the Colorado medical board, which board shall provide
statistical data concerning such claims to the commissioner of insurance. Without
limiting the generality of the foregoing, the trustees shall have any powers,
whether conferred upon them by the agreement of trust or otherwise, to perform all
acts necessary or desirable to the conduct of the business of a public liability
insurer.

Legislative History

Source: L. 77: Entire article added, p. 594, � 1, effective July 1. L. 85: Entire section amended, p. 517, � 1, effective July 1. L. 2010: Entire section amended, (HB 10-1260), ch. 403, p. 1978, � 51, effective July 1.