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SB21-171

Uniform Fiduciary Income And Principal Act

Concerning the "Uniform Fiduciary Income and Principal Act".
Session:
2021 Regular Session
Subject:
Probate, Trusts, & Fiduciaries
Bill Summary

Colorado Commission on Uniform State Laws. The bill 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.

The bill makes additional conforming amendments.


(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed

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Bill Text

  • All Versions (5 )
    Date Bill Type Documents
    05/07/2021 Rerevised PDF
    05/06/2021 Revised PDF
    03/31/2021 Reengrossed PDF
    03/30/2021 Engrossed PDF
    03/02/2021 Introduced PDF