§ 15-16-808 — Duty and liability of trust director

Colorado § 15-16-808

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Trust Administration

Text

(1) Subject to subsection (2)
of this section, with respect to a power of direction or a further power under section
15-16-806 (2)(a):

(a) A trust director has the same fiduciary duty and liability in the exercise or
nonexercise of the power:

(I) If the power is held individually, as a sole trustee in a like position and
under similar circumstances; or

(II) If the power is held jointly with a trustee or another trust director, as a
cotrustee in a like position and under similar circumstances; and

(b) The terms of the trust may vary the director's duty or liability to the same
extent the terms of the trust could vary the duty or liability of a trustee in a like
position and under similar circumstances.

(2) Unless the terms of a trust provide otherwise, if a trust director is
licensed, certified, or otherwise authorized or permitted by law other than this part
8 to provide health care in the ordinary course of the director's business or practice
of a profession, to the extent the director acts in that capacity, the director has no
duty or liability under this part 8.

(3) The terms of a trust may impose a duty or liability on a trust director in
addition to the duties and liabilities under this section.

Legislative History

Source: L. 2019: Entire part R&RE, (SB 19-105), ch. 51, p. 170, � 1, effective August 2.