B3710F561F5F8E3E872582490072AECC Hearing Summary

Senator Gardner, sponsor, explained SB18-180, concerning the Colorado Trust Code.  Senator Gardner said that the bill is a culmination of over a decade of work.  The bill is modeled on the Uniform Trust Code, which is a model law in the United States.  Although not binding, the Uniform Trust Code is influential and assists in streamlining trust laws across the country.   

Steve Brainerd, representing the Colorado Bar Association, spoke in favor of the bill.  He explained the timeline, process, and parties involved with the development of the bill.  He emphasized that the the bill makes trust law more accessible to citizens, more certain for trustees, and more comprehensible and manageable for courts. 

Constance Eyster, representing the Colorado Bar Association, spoke in support of the bill.  She explained the parts of Colorado law that stayed the same.  For the parts that changed, she reported that the Uniform Trust Code was primarily used as a default statute.  She claimed the primary benefit of the bill is that it adds clarity where law was unclear.  

Mark Darling, representing the Colorado Bar Association, testified in support of the measure.  He explained that the Uniform Trust Code provides a clear direction for states to follow, with an overriding intent to have courts play a less meaningful role in deciding disputes.

Mr. Brainerd answered a question about how the bill impacts the rights of creditors to access proceeds.  He stated that this issue may be revisited in upcoming years, but for now common law prevails. 

Anne McGihon,  representing the Colorado Uniform Law Committee of the Colorado Bar Association, testified in support of the bill.  She stated that the committee has worked on this issue since 2005 and the end result provides standardization and flexibility, a necessity with the increase in trusts. 

Senator Coram thanked everyone for their hard work over the years. 

Senator Gardner distributed Amendments L.001, L.002, and L.003 (Attachments A, B, and C) 

He explained that L.001 adds qualifying langauge.  Amendment L.002 adds the word "Uniform"  to certain places to clarify that the law is based on the Uniform Trust Code.  Amendment L.003 adds additional qualifying language regarding entities and the bill's application.