Colorado Code
Part 8 - Creditors' Claims
§ 15-12-808. Individual Liability of Personal Representative

Source: L. 73: R&RE, p. 1595, § 1. C.R.S. 1963: § 153-3-808. L. 2008: (4) amended, p. 484, § 8, effective July 1. L. 2010: (5) added, (SB 10-199), ch. 374, p. 1752, § 16, effective July 1. L. 2011: IP(5) and (5)(a) amended, (SB 11-083), ch. 101, p. 304, § 8, effective August 10. L. 2012: (6) added, (SB 12-131), ch. 114, p. 393, § 2, effective April 13.
Cross references: For provisions relating to the time of taking effect or the provisions for transition of this code, see § 15-17-101.
COMMENT
In the absence of statute an executor, administrator or a trustee is personally liable on contracts entered into in his fiduciary capacity unless he expressly excludes personal liability in the contract. He is commonly personally liable for obligations stemming from ownership or possession of the property (e.g., taxes) and for torts committed by servants employed in the management of the property. The claimant ordinarily can reach the estate only after exhausting his remedies against the fiduciary as an individual and then only to the extent that the fiduciary is entitled to indemnity from the property. This and the following sections are designed to make the estate a quasi-corporation for purposes of such liabilities. The personal representative would be personally liable only if an agent for a corporation would be under the same circumstances, and the claimant has a direct remedy against the quasi-corporate property.

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