1677CC1FDF0C74B987258264005D4F53 Hearing Summary

The committee was called to order. A quorum was present. Representatives Wist and Gray, prime sponsors, presented Senate Bill 18-180, concerning the Colorado Trust Code.  Representative Wist explained the effect of the bill, and discussed its need. Representative Gray provided input on the bill's merits.

Mr. Marc Darling, Mr. Steve Brainerd, and Ms. Constance Eyster, representing the Colorado Bar Association, testified in support of SB 18-180. Mr. Brainerd provided background on laws that guide the administration of trusts, and discussed the development of the Uniform Trust Code. Ms. Eyster discussed the differences between the bill and the model code. Mr. Darling discussed the merits of SB 18-180. Mr. Brainerd responded to questions regarding the rule of perpetuities. Discussion ensued regarding the impact of the legislation on constructive trusts, and the intersection of the bill with Indian law.

Mr. Darling responded to questions regarding what constitutes a "strong public policy" according to the bill.  Ms. Eyster responded to questions regarding the definition of "good faith" in the bill. Discussion ensued regarding potential conflicts of interest under one provision in the bill.

Mr. Carl Larson, representing the National Association of Insurance and Financial Advisors, testified in support of SB 18-180.

Ms. Anne McGihon, representing the Colorado Uniform Law Commission, testified in support of the bill. Ms. McGihon provided a history of the Uniform Trust Code, and addressed questions raised during earlier testimony. Ms. McGihon responded to questions regarding the functioning of the commission.

Representative Wist explained the effect of amendment L.004 (Attachment A).

Discussion ensued regarding certain jurisdictional issues invoked by SB 18-180.  Representatives Wist and Gray spoke in support of the bill.