§ 15-1.2-204 — Notice of action - definitions

Colorado § 15-1.2-204

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Uniform Fiduciary Income and Principal Act

Text

(1) In this section, the following
definitions apply:

(a) Objection period means the period of time prior to the date by which an
objection must be received as described in section 15-1.2-304 (4)(e).

(b) Qualified beneficiary has the same meaning as set forth in section 15-5-103 (16).

(2) A fiduciary may give a notice of proposed action regarding a matter
governed by this article 1.2 as provided in this section. For the purpose of this
section, a proposed action includes a course of action and a decision not to take
action.

(3) The fiduciary shall mail notice of the proposed action to all qualified
beneficiaries and the fiduciary may give notice to other beneficiaries. A beneficiary
shall be bound under this section with respect to such proposed action if the
beneficiary receives actual notice or if the beneficiary would be bound under the
provisions of part 3 of article 5 of this title 15.

(4) Notice of proposed action need not be given to any beneficiary who
consents in writing to the proposed action. The consent may be executed at any
time before or after the proposed action is taken.

(5) The notice of proposed action shall state that it is given pursuant to this
section and shall follow the procedures set out in section 15-1.2-304 regarding
notice.

(6) A beneficiary may object to the proposed action by mailing a written
objection to the fiduciary at the address stated in the notice of proposed action
within the objection period.

(7) A fiduciary is not liable to a beneficiary to whom notice is given for an
action regarding a matter governed by this part 2 if the fiduciary does not receive a
written objection to the proposed action from the beneficiary within the objection
period and the other requirements of this section are satisfied. If no beneficiary who
receives notice objects under this section, the fiduciary is not liable to the
beneficiaries receiving notice with respect to the proposed action.

(8) If the fiduciary receives a written objection within the objection period,
either the fiduciary or a beneficiary may petition the court to have the proposed
action performed as proposed, performed with modifications, or denied. In the
proceeding, a beneficiary objecting to the proposed action has the burden of
proving that the fiduciary's proposed action should not be performed. A beneficiary
who has not objected is not estopped from opposing the proposed action in the
proceeding. If the fiduciary decides not to implement the proposed action, the
fiduciary shall notify the beneficiaries of the decision not to take the action and the
reasons for the decision, and the fiduciary's decision not to implement the proposed
action does not itself give rise to liability to any beneficiary. A beneficiary may
petition the court to have the action performed, and has the burden of provision that
it should be performed.

Legislative History

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 809, � 1, effective January 1, 2022.