j_ccu_2017a_2017-11-03t13:35:24z2 Hearing Summary

Date: 11/03/2017

Location: SCR 352

01:38 PM -- 2a. Uniform Trust Code

Colorado Trust Code 2018 Session.pdf



01:38 PM -- Steve Brainerd, CBA Trusts & Estates Section, reported that all but one CBA section had approved the bar’s proposed Colorado-specific amendments to the "Uniform Trust Code” and that the section’s concerns could most likely be resolved through conforming amendments to the Code. He expects to have a list of proposed conforming amendments by the end of the month. Mr. Brainerd has been in contact with John Burrus, Independent Bankers of Colorado, regarding their concerns with the ULC act. The commission discussed referring to the CBA's proposal as the “Colorado Uniform Trust Code”, which would let practitioners know that this is an attempt to harmonize Colorado law with uniform law in other jurisdictions. The commission also had questions regarding what types of conforming and substantive amendments to expect. Mr. Brainerd replied that some amendments concerned definitions and others would be cross-references to existing trust statutes remaining in place. The commission thanked Mr. Brainerd, his section, and the CBA for all of their hard work over the last year and for moving this act forward.



01:50 PM -- John Burrus, Independent Bankers of Colorado, confirmed that his organization has concerns about what a third party’s duty is to determine an agent's authority when dealing with trustees. He believes that these concerns can be addressed through a few amendments to the act. The commission also thanked Mr. Burrus and the Independent Bankers for their work on the trust code.

02:15 PM

The commission voted to call the act the “Colorado Uniform Trust Code”. Commissioner Gardner indicated that he would carry it as a Senate bill and Commissioner Wist agreed to be the House sponsor.