§ 15-1.2-415 — Asset-backed security

Colorado § 15-1.2-415

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

Text

(1) Except as otherwise provided in
subsection (2) of this section, a fiduciary shall allocate to income a receipt from or
related to an asset-backed security, to the extent the payor identifies the payment
as being from interest or other current return, and to principal the balance of the
receipt.

(2) If a fiduciary receives one or more payments in exchange for part or all of
the fiduciary's interest in an asset-backed security, including a liquidation or
redemption of the fiduciary's interest in the security, the fiduciary shall allocate to
income ten percent of receipts from the transaction and ten percent of
disbursements made in connection with the transaction, and to principal the
balance of the receipts and disbursements.

Legislative History

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 831, � 1, effective January 1, 2022.