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2021 Colorado Code
Title 15 - Probate, Trusts, and Fiduciaries
Article 1 - Fiduciary
Part 5 - Fiduciary Property - Depository Nominees
§ 15-1-507. Custodian as Fiduciary
Universal Citation: CO Code § 15-1-507 (2021)
For purposes of this part 5, a bank or trust company acting as custodian shall be deemed to be a fiduciary, and property held in custody by a bank or trust company shall be deemed to be fiduciary property.
History. Source: L. 77: Entire part R&RE, p. 827, § 1, effective July 1.
Editor's note:
This section is similar to former § 15-1-507 as it existed prior to 1977.
ANNOTATIONBank acknowledgment of restriction in letters of conservatorship made bank more than a mere custodian; bank became a fiduciary. Pledging collateral consisting of conservatorship funds breached fiduciary duty because bank failed to refrain from involvement in transactions antagonistic to the interests of the protected person. In re Conservatorship of Roth, 804 P.2d 265 (Colo. App. 1990).
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