Colorado § 15-1.2-302 Application - duties and remedies

Colorado Statutes

§ 15-1.2-302 — Application - duties and remedies

Colorado § 15-1.2-302

Title 15Probate,

Art.Uniform Fiduciary Income and Principal Act

This text of Colorado § 15-1.2-302 (Application - duties and remedies) is published on Counsel Stack Legal Research, covering Colorado primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Colo. Rev. Stat. § 15-1.2-302 (2026).

Text

(1)Except as otherwise provided in subsection (2) of this section, this part 3 applies to:

(a)An income trust, unless the terms of the trust expressly prohibit use of this part 3 by a specific reference to this part 3 or an explicit expression of intent that net income not be calculated as a unitrust amount; and

(b)An express unitrust, except to the extent the terms of the trust explicitly:

(I)Prohibit use of this part 3 by a specific reference to this part 3;

(II)Prohibit conversion to an income trust; or

(III)Limit changes to the method of calculating the unitrust amount.

(2)This part 3 does not apply to a trust described in section 170 (f)(2)(B), 642

(c)(5), 664 (d), or 2702 of the Internal Revenue Code of 1986, 26 U.S.C. sec. 170

(f)(2)(B), 642 (c)(5), 664 (d), or 270

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(1) Except as otherwise
provided in subsection (2) of this section, this part 3 applies to:

(a) An income trust, unless the terms of the trust expressly prohibit use of
this part 3 by a specific reference to this part 3 or an explicit expression of intent
that net income not be calculated as a unitrust amount; and

(b) An express unitrust, except to the extent the terms of the trust explicitly:

(I) Prohibit use of this part 3 by a specific reference to this part 3;

(II) Prohibit conversion to an income trust; or

(III) Limit changes to the method of calculating the unitrust amount.

(2) This part 3 does not apply to a trust described in section 170 (f)(2)(B), 642
(c)(5), 664 (d), or 2702 of the Internal Revenue Code of 1986, 26 U.S.C. sec. 170
(f)(2)(B), 642 (c)(5), 664 (d), or 2702, as amended.

(3) An income trust to which this part 3 applies under subsection (1)(a) of this
section may be converted to a unitrust under this part 3 regardless of the terms of
the trust concerning distributions. Conversion to a unitrust under this part 3 does
not affect other terms of the trust concerning distributions of income or principal.

(4) This part 3 applies to an estate only to the extent a trust is a beneficiary
of the estate. To the extent of the trust's interest in the estate, the estate may be
administered as a unitrust, the administration of the estate as a unitrust may be
discontinued, or the percentage or method used to calculate the unitrust amount
may be changed, in the same manner as for a trust under this part 3.

(5) This part 3 does not create a duty to take or consider action under this
part 3 or to inform a beneficiary about the applicability of this part 3.

(6) A fiduciary that in good faith takes or fails to take an action under this
part 3 is not liable to a person affected by the action or inaction.