§ 15-5-105 — Default and mandatory rules

Colorado § 15-5-105

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Colorado Uniform Trust Code

Text

(1) Except as otherwise provided in
the terms of the trust, this code governs the duties, rights, and powers of a trustee;
relations among trustees; the rights, powers, and interests of a beneficiary; the
relationship between the trustees and the beneficiaries; the purpose of the trust;
and other matters with respect to the trust or the property subject to the trust.

(2) Subject to sections 15-16-809, 15-16-810, and 15-16-811, the terms of a
trust prevail over any provision of this code except:

(a) The minimum requirements for creating the trust;

(b) The duty of a trustee to act in good faith and in accordance with the
terms and purposes of the trust and the interests of the beneficiaries;

(c) The requirement that a trust and its terms be for the benefit of its
beneficiaries and that the trust have a purpose that is lawful, not contrary to public
policy, and possible to achieve;

(d) The power of the court to modify or terminate a trust pursuant to sections
15-5-410 to 15-5-416;

(e) The effect of a spendthrift provision and the rights of certain creditors
and assignees to reach a trust as provided in part 5 of this article 5;

(f) The power of the court pursuant to section 15-5-702 to require, dispense
with, modify, or terminate a bond;

(g) The power of the court pursuant to section 15-5-708 (2) to adjust a
trustee's compensation specified in the terms of the trust that is unreasonably low
or high;

(h) The duty pursuant to section 15-5-813 (2)(b) and (2)(c) to provide notice of
the existence of an irrevocable trust, of the identity of the trustee, and of the right
to request trustee's reports to current distributees or permissible distributees of
such trust at any age, or to other qualified beneficiaries of such trust who have
attained twenty-five years of age;

(i) The duty pursuant to section 15-5-813 (1) to respond to the request of a
qualified beneficiary of an irrevocable trust for trustee's reports and other
information reasonably related to the administration of a trust;

(j) The effect of an exculpatory term pursuant to section 15-5-1008;

(k) The rights pursuant to sections 15-5-1010 to 15-5-1013 of a person other
than a trustee or beneficiary;

(l) The periods of limitation for commencing a judicial proceeding;

(m) Consistent with the terms of the trust and the provisions of this code, the
power of the court to take such action and exercise such jurisdiction not
inconsistent with a settlor's intent as may be necessary in the interests of justice;
and

(n) The subject matter jurisdiction of the court and venue for commencing a
proceeding as provided in sections 15-5-203 and 15-5-204, unless the trust
instrument requires alternative dispute resolution.

Legislative History

Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1147, � 1, effective January 1, 2019. L. 2019: IP(2) amended, (SB 19-105), ch. 51, p. 173, � 2, effective August 2. L. 2021: (2)(e) added, (SB 21-162), ch. 170, p. 944, � 2, effective September 7.