Skip to main content
Colorado General AssemblyToggle Main Menu
Agency NameToggle Agency Menu

j_src_2017a_2017-01-20t12:10:46z2 Hearing Summary

Date: 01/20/2017

Location: SCR 352


2a. Uniform Trust Decanting Act correction


Votes: View--> Action Taken:
Senator Moreno moved that LLS 17-801.01 be introdu

Senator Moreno moved that LLS 17-801.01 be introdu
Pass Without Objection

Pass Without Objection

12:13 PM -- 2a. Uniform Trust Decanting Act correction

12:13 PM -- Kristen Forrestal, Office of Legislative Legal Services, introduced the issue, a one-word mistake in the Uniform Trust Decanting Act (Act), which was drafted by the Uniform Law Commission. She also explained that while the change, replacing the word "second" with "first", seems like it might fit under the Revisor's Bill, it is a substantive change. A memo setting forth staff's position was provided to the Committee (attached).DecantingMemo_OLLS.pdfDecantingMemo_OLLS.pdf

12:14 PM --
Leticia Maxfield, an attorney representing the Trust and Estates section of the Colorado Bar Association, testified that Colorado was one of the first states in the country to adopt the Act. Subsequently, the Uniform Law Commission noted that there was an error in the tax savings section of the Act; the law refers to a "second trust" when it should've referred to the "first trust". Ms Maxfield explained that the error makes the language nonsensical and not in compliance with IRS rules and regulations.

*Committee member Patrice Collins also prepared a memo explaining why the change was needed (attached).Collins_UTDAMemo.pdfCollins_UTDAMemo.pdf

BILL: 2a. Uniform Trust Decanting Act correction
TIME: 12:17:14 PM
MOVED: Senator Moreno
MOTION: Senator Moreno moved that LLS 17-801.01 be introduced as an SRC bill. The motion passed without objection.
Martinez Humenik
Brad Ramming, Esq.
Patrice Bernadette Collins, Esq.
YES: 0 NO: 0 EXC: 1 ABS: 0 FINAL ACTION: Pass Without Objection

Colorado legislature email addresses ending in are no longer active. Please replace with for Colorado legislature email addresses. Details

The effective date for bills enacted without a safety clause is August 7, 2024, if the General Assembly adjourns sine die on May 8, 2024, unless otherwise specified. Details