§ 15-16-917 — Relief from liability and indemnification

Colorado § 15-16-917

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

Text

(1) Except as otherwise
provided in this section, a second-trust instrument may not relieve an authorized
fiduciary from liability for breach of trust to a greater extent than the first-trust
instrument.

(2) A second-trust instrument may provide for indemnification of an
authorized fiduciary of the first trust or another person acting in a fiduciary
capacity under the first trust for any liability or claim that would have been payable
from the first trust if the decanting power had not been exercised.

(3) A second-trust instrument may not reduce fiduciary liability in the
aggregate.

(4) Subject to subsection (3) of this section, a second-trust instrument may
divide and reallocate fiduciary powers among fiduciaries, including one or more
trustees, distribution advisors, investment advisors, trust protectors, or other
persons, and relieve a fiduciary from liability for an act or failure to act of another
fiduciary as permitted by law of this state other than this part 9.

Legislative History

Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 884, � 1, effective August 10.