§ 15-1.2-407 — Insurance policy or contract

Colorado § 15-1.2-407

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

Text

(1) This section does not apply to a
contract to which section 15-1.2-409 applies.

(2) Except as otherwise provided in subsection (3) of this section, a fiduciary
shall allocate to principal the proceeds of a life insurance policy or other contract
received by the fiduciary as beneficiary, including a contract that insures against
damage to, destruction of, or loss of title to an asset. The fiduciary shall allocate
dividends on an insurance policy to income to the extent premiums on the policy are
paid from income and to principal to the extent premiums on the policy are paid
from principal.

(3) A fiduciary shall allocate to income proceeds of a contract that insures
the fiduciary against loss of:

(a) Occupancy or other use by a current income beneficiary;

(b) Income; or

(c) Subject to section 15-1.2-403, profits from a business.

Legislative History

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 825, � 1, effective January 1, 2022.