9A700742F5563088872586400067FB99 Hearing Summary

PUBLIC
BILL SUMMARY For LLS 21-0201: UNIF TRUST ACT, PART 5

JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Dec 16, 2020
Location HCR 0112

LLS 21-0201: Unif Trust Act, part 5 - To be introduced as a Commission Bill

Attachment Tag

File Name

Attachment

21-0201-20201113.pdf

11:55:48 AM

Connie Eyster, Chair
of Trust & Estates Section Subcommittee reviewing part 5: this
part was not included in the 2019 enactment of the UTC to allow
for additional review, amendments, and to obtain consensus among practitioners.
The draft bill, as amended, has been approved by the section, the Elder
Law Section, and the CBA Legislative Policy Committee. The commission had
questions about Â§15-5-505 (1.5) and (2) [reserved]. Ms. Eyster replied
that the section is regarding creditors and settlor law and that the subcommittee
added some exceptions to comply with current Colorado law, but they were
similar to what other states had added. The reserved portion dealt with
creditor access to assets to which the benefactor has a general power of
appointment. Existing Colorado case law prohibits access to these assets
until that power is exercised and the uniform law took a different approach.
It was decided to let the existing case law stand. Ms. Eyster confirmed
that the changes to the Act were not significant and that the bill draft
should still be considered uniform. The commission thanked the CBA for
their hard work on the Act.

12:07:35 PM

Commissioner Levy
moved to introduce LLS 21-0201: Uniform Trust Act, part 5 as a commission
bill, with any technical amendments needed. Commissioner Morris seconded
and the motion passed 9-0. Commissioner Gardner agreed to sponsor the bill
and start it in the Senate. He and Commissioner Tipper will find a House
sponsor.

12:08:34 PM	Motion	Moved to introduce LLS 21-0201: Uniform Trust Act, part 5 as a commission bill, with any technical amendments needed.
	Moved	Claire Levy
	Seconded

	Alicia Duran	Yes
	Thomas Grimshaw	Excused
	Donald Mielke	Yes
	Thomas Morris	Yes
	Charley Pike	Yes
	Sara Scott	Yes
	Tipper	Yes
	Joseph Whitfield	Yes
	Gardner	Yes
	Claire Levy	Yes
		YES: 9 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: PASS

LLS 21-0201: Unif Trust Act, part 5 - To be introduced as a Commission Bill

Colorado General Assembly