§ 15-16-922 — Saving provision

Colorado § 15-16-922

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

Text

(1) If exercise of the decanting power would be
effective under this part 9 except that the second-trust instrument in part does not
comply with this part 9, the exercise of the power is effective and the following
rules apply with respect to the principal of the second trust attributable to the
exercise of the power:

(a) A provision in the second-trust instrument which is not permitted under
this part 9 is void to the extent necessary to comply with this part 9.

(b) A provision required by this part 9 to be in the second-trust instrument
which is not contained in the instrument is deemed to be included in the instrument
to the extent necessary to comply with this part 9.

(2) If a trustee or other fiduciary of a second trust determines that
subsection (1) of this section applies to a prior exercise of the decanting power, the
fiduciary shall take corrective action consistent with the fiduciary's duties.

Legislative History

Source: L. 2016: Entire part added, (SB 16-085), ch. 228, p. 888, � 1, effective August 10.