This article shall be known and may be cited as the “Colorado Uniform Transfers to Minors Act”. Source: L. 84: Entire article R&RE, p. 383, § 1, effective July 1. Editor’s note: This section is similar to former § 11-50-101 as it existed prior to 1984.
As used in this article, unless the context otherwise requires: “Adult” means an individual who has attained the age of twenty-one years. “Benefit plan” means an employer’s plan for the benefit of an employee or partner. “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s […]
This article applies to a transfer that refers to this article in the designation under section 11-50-110 (1) by which the transfer is made if, at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship […]
A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: “as custodian for (name of minor) […]
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to section 11-50-110. Source: L. 84: Entire article R&RE, p. 385, § 1, effective July 1.
A personal representative or trustee may make an irrevocable transfer pursuant to section 11-50-110 to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under section 11-50-104 to receive the custodial property, the transfer must be made to that […]
Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to section 11-50-110, in the absence of a will or under a will or trust that does not contain an authorization to do […]
Subject to subsections (2) and (3) of this section, a person not subject to section 11-50-106 or 11-50-107 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 11-50-110. If a person […]
A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this article. Source: L. 84: Entire article R&RE, p. 386, § 1, effective July 1.
Custodial property is created and a transfer is made whenever: An uncertificated security or a certificated security in registered form is either: Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: “as custodian for (name of minor) under the “Colorado […]
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this article by the same custodian for the benefit of the same minor constitutes a single custodianship. Source: L. 84: Entire article R&RE, p. 388, § 1, effective July 1. Editor’s note: This […]
The validity of a transfer made in a manner prescribed in this article is not affected by: Failure of the transferor to comply with section 11-50-110 (3) concerning possession and control; Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as […]
A custodian shall: Take control of custodial property; Register or record title to custodial property if appropriate; and Collect, hold, manage, invest, and reinvest custodial property. In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent person dealing with property of another and is not […]
A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers, and authority in that capacity only. (1.5) At any time, a custodian may transfer part or all of a custodial property […]
A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: The duty or ability of the custodian personally or of any other person to […]
A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. Except for one who is a transferor under section 11-50-105, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year. Except as provided in section […]
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: The validity of the purported custodian’s designation; […]
A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property, or a tort committed during the custodianship may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian […]
A person nominated under section 11-50-104 or designated under section 11-50-110 as custodian may decline to serve by delivering a valid disclaimer in the form provided in part 12 of article 11 of title 15, C.R.S., to the person who made the nomination or to the transferor or the transferor’s legal representative. If the event […]
A minor who has attained the age of fourteen years, the minor’s guardian or legal representative, an adult member of the minor’s family, a transferor, or a transferor’s legal representative may petition the court: For an accounting by the custodian or the custodian’s legal representative; or For a determination of responsibility, as between the custodial […]
