§ 15-11-201 — Definitions

(1) Bona fide purchaser means a purchaser for value
in good faith and without notice of an adverse claim. The notation of a state
documentary fee on a recorded instrument pursuant to section 39-13-103, C.R.S., is
prima facie evidence that the transfer described therein was made to a bona fide
purchaser.

(2) Decedent's nonprobate transfers to others means amounts that are
included in the augmented estate under section 15-11-205.

(3) Fractional interest in property held in joint tenancy with the right of
survivorship, whether the fractional interest is unilaterally severable or not, and if
the interests are equal, means the fraction, the numerator of which is one and the
denominator of which, if the decedent was a joint tenant, is one plus the number of
joint tenants who survive the decedent and which, if the decedent was not a joint
tenant, is the number of joint tenants. If the interests are unequal, fractional
interest in property held in joint tenancy with the right of survivorship means the
decedent's interest immediately preceding the decedent's death.

(4) Marriage, as it relates to a transfer by the decedent during marriage,
means any marriage of the decedent to the decedent's surviving spouse.

(5) Nonadverse party means a person who does not have a substantial
beneficial interest in the trust or other property arrangement that would be
adversely affected by the exercise or nonexercise of the power that he or she
possesses respecting the trust or other property arrangement. A person having a
general power of appointment over property is deemed to have a beneficial interest
in the property.

(6) Power or power of appointment includes a power to designate the
beneficiary of a beneficiary designation, including beneficiary designations under
individual retirement accounts and annuities described in section 408 of the federal
Internal Revenue Code of 1986, as amended, as well as other pension plans or
arrangements not subject to part 2 (section 201 et seq.) of the federal Employee
Retirement Income Security Act of 1974, as amended (29 U.S.C. sec. 1051 et seq.).

(7) Presently exercisable general power of appointment means a power of
appointment under which, at the time in question, the decedent held a power to
create a present or future interest in the decedent, the decedent's creditors, the
decedent's estate, or creditors of the decedent's estate, whether or not the
decedent then had the capacity to exercise the power. The term includes a power to
revoke or invade the principal of a trust or other property arrangement.

(8) Property includes values subject to a beneficiary designation.

(9) Right to income includes a right to payments under a commercial or
private annuity, an annuity trust, a unitrust, or a similar arrangement.

(10) Transfer, as it relates to a transfer by or on behalf of the decedent,
includes:

(a) An exercise or release of a presently exercisable general power of
appointment held by the decedent;

(b) A lapse at death of a presently exercisable general power of appointment
held by the decedent; and

(c) An exercise, release, or lapse of a presently exercisable general power of
appointment that the decedent reserved or of a power described in section 15-11-205 (2)(b) that the decedent conferred on a nonadverse party.

(11) Value, unless otherwise indicated, means fair market value as of the
decedent's date of death.

Legislative History

Source: L. 2014: Entire part R&RE, (HB 14-1322), ch. 296, p. 1220, � 2, effective August 6. L. 2022: (7) and (10)(c) amended, (SB 22-092), ch. 60, p. 275, � 8, effective August 10.