2021 Colorado Code
Title 15 - Probate, Trusts, and Fiduciaries
Article 15 - Nonprobate Transfers on Death
Part 2 - Multiple-Person Accounts
§ 15-15-221. Authority of Financial Institution
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account.
History. Source: L. 90: Entire article R&RE, p. 915, § 1, effective July 1.
Editor's note:
This section is similar to former § 15-15-108 as it existed prior to 1990.
ANNOTATIONSection does not address circumstances in which the financial institution knows, without need for further inquiry, the source of funds deposited. When a financial institution has actual knowledge that an account holder is a fiduciary and not a beneficial owner of account assets, neither this section nor § 15-15-222 relieves the financial institution of duties imposed by the Uniform Probate Code, the Uniform Commercial Code, or the Uniform Fiduciary Law. Bryant v. Cmty. Choice Credit Union, 160 P.3d 266 (Colo. App. 2007).
