2020 Colorado Revised Statutes
Title 15 - Probate, Trusts, And Fiduciaries
Article 5. Colorado Uniform Trust Code
Section 15-5-703. Cotrustees.
(1) Cotrustees who are unable to reach a unanimous decision may act by majority decision.
If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.
Subject to section 15-16-812, a cotrustee shall participate in the performance of atrustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.
If a cotrustee is unavailable to perform duties because of absence, illness, disqualification, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
A trustee may not delegate to a costrustee the performance of a function the settlorreasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.
Except as otherwise provided in subsection (7) of this section, a trustee who does notjoin in an action of another trustee is not liable for the action.
Subject to section 15-16-812, each trustee shall exercise reasonable care to: (a) Prevent a cotrustee from committing a serious breach of trust; and
(b) Pursue a remedy, at trust expense, for a cotrustee's serious breach of trust.
(8) A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1169, § 1, effective January 1, 2019. L. 2019: (3) and IP(7) amended, (SB 19-105), ch. 51, p. 175, § 8, effective August 2.
