2021 Colorado Code
Title 15 - Probate, Trusts, and Fiduciaries
Article 15 - Nonprobate Transfers on Death
Part 2 - Multiple-Person Accounts
§ 15-15-211. Ownership During Lifetime
- In this section, “net contribution” of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. The term includes deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question.
- During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount.
- A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party.
- An agent in an account with an agency designation has no beneficial right to sums on deposit.
History. Source: L. 90: Entire article R&RE, p. 913, § 1, effective July 1.
Editor's note:
This section is similar to former § 15-15-103 as it existed prior to 1990.
ANNOTATIONAnnotator's note. The following annotations include cases decided under former provision similar to this section.
Clear and convincing evidence is required to rebut the presumption that, as between parties married to each other, the net contribution of each is an equal amount. Harvey v. Harvey, 841 P.2d 375 (Colo. App. 1992).
Changing accounts from multi-party to sole accounts before divorce did not affect the other spouse's rights since the accounts remained part of the marital estate and either party had a legal right to deplete the joint accounts. Estate of Westfall v. Westfall, 942 P.2d 1227 (Colo. App. 1996).
Applied in In re Estate of Beasley, 40 Colo. App. 347, 578 P.2d 662 (1978).
