Colorado Code
Article 1.5 - Colorado Uniform Custodial Trust Act
§ 15-1.5-105. Transfer to Custodial Trustee by Fiduciary or Obligor - Facility of Payment

Source: L. 99: Entire article added, p. 1214, § 1, effective August 4.
This section is in the nature of a facility-of-payment provision that permits persons owing money to an incapacitated individual to discharge a fixed obligation by a payment to a custodial trustee under this Act. The section does not authorize the custodial trustee to settle claims for disputed amounts but only to acknowledge an effective receipt of property paid or delivered. It is based primarily on Sections 6 and 7 of UTMA and includes the protections of Section 8 of UTMA as well. It permits a custodial trust to be established as a substitute for a conservatorship to receive payments due an incapacitated individual. Also, see section 15-1.5-111, which protects transferors and other third parties dealing with the custodial trustee.

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