SB21-171
Uniform Fiduciary Income And Principal Act
| Type | Bill |
|---|---|
| Session | 2021 Regular Session |
| Subjects |
Concerning the "Uniform Fiduciary Income and Principal Act".
Bill Summary:
The act repeals the "Uniform Principal and Income Act" and replaces it with the "Uniform Fiduciary Income and Principal Act" (UFIPA), as drafted by the Uniform Law Commission, with Colorado-specific amendments.
The UFIPA includes provisions concerning:
- Duties of fiduciaries;
- Judicial review of fiduciaries;
- Trusts in which the beneficiary receives a periodic payout of a percentage of the net value of trust assets, known as "unitrusts";
- Allocation of trust receipts and disbursements; and
- Procedures followed at the termination of a trust or an income interest in a trust.
(Note: This summary applies to this bill as enacted.)
Related Documents & Information
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 21-171 to the Committee of the Whole. | The motion passed on a vote of 11-0. | Vote summary |
| Activity | Vote | Documents |
|---|---|---|
| Refer Senate Bill 21-171 to the Committee of the Whole and with a recommendation that it be placed on the consent calendar. | The motion passed on a vote of 5-0. | Vote summary |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 05/07/2021 | Third Reading | BILL |
62
AYE
0
NO
3
OTHER
|
Vote record |
| Date | Calendar | Motion | Vote | Vote Document |
|---|---|---|---|---|
| 03/31/2021 | Third Reading | BILL |
35
AYE
0
NO
0
OTHER
|
Vote record |
| Date | Location | Action |
|---|---|---|
| 05/17/2021 | Governor | Governor Signed |
| 05/13/2021 | Governor | Sent to the Governor |
| 05/13/2021 | House | Signed by the Speaker of the House |
| 05/13/2021 | Senate | Signed by the President of the Senate |
| 05/07/2021 | House | House Third Reading Passed - No Amendments |
| 05/06/2021 | House | House Second Reading Passed - No Amendments |
| 05/04/2021 | House | House Committee on Judiciary Refer Unamended to House Committee of the Whole |
| 03/31/2021 | House | Introduced In House - Assigned to Judiciary |
| 03/31/2021 | Senate | Senate Third Reading Passed - No Amendments |
| 03/30/2021 | Senate | Senate Second Reading Passed - No Amendments |
| 03/25/2021 | Senate | Senate Committee on Judiciary Refer Unamended - Consent Calendar to Senate Committee of the Whole |
| 03/02/2021 | Senate | Introduced In Senate - Assigned to Judiciary |
Prime Sponsor
Sponsor
(None)
Co-Sponsor
| Effective Date | Chapter # | Title | Documents |
|---|---|---|---|
| 01/01/2022 | 143 | Uniform Fiduciary Income And Principal Act |