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2021 Colorado Code
Title 15 - Probate, Trusts, and Fiduciaries
Article 1.5 - Colorado Uniform Custodial Trust Act
§ 15-1.5-111. Exemption of Third Persons From Liability
Universal Citation: CO Code § 15-1.5-111 (2021)
- A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining:
- The validity of the purported custodial trustee's designation;
- The propriety of, or the authority under this article for, any action of the purported custodial trustee;
- The validity or propriety of an instrument executed or instruction given pursuant to this article either by the person purporting to make a transfer or declaration or by the purported custodial trustee; or
- The propriety of the application of property vested in the purported custodial trustee.
History. Source: L. 99: Entire article added, p. 1217, § 1, effective August 4.
OFFICIAL COMMENT
This section is based upon Section 16 of the UTMA and protects third persons who deal in good faith with the custodial trustee.
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