C.R.S. § 15-1.2-204 Notice of Action - Definitions

• Library: Colorado Statutes
• Edition: 2023
• Currency: Current through 2023 Regular and 1st Extraordinary Session
• Year: 2023
• Citation: C.R.S. § 15-1.2-204

(1) In this section, the following definitions apply:

(a) "Objection period" means the period of time prior to the date by which an objection must be received as described in section 15-1.2-304(4)(e).

(b) "Qualified beneficiary" has the same meaning as set forth in section 15-5-103(16).

(2) A fiduciary may give a notice of proposed action regarding a matter governed by this article 1.2 as provided in this section. For the purpose of this section, a proposed action includes a course of action and a decision not to take action.

(3) The fiduciary shall mail notice of the proposed action to all qualified beneficiaries and the fiduciary may give notice to other beneficiaries. A beneficiary shall be bound under this section with respect to such proposed action if the beneficiary receives actual notice or if the beneficiary would be bound under the provisions of part 3 of article 5 of this title 15.

(4) Notice of proposed action need not be given to any beneficiary who consents in writing to the proposed action. The consent may be executed at any time before or after the proposed action is taken.

(5) The notice of proposed action shall state that it is given pursuant to this section and shall follow the procedures set out in section 15-1.2-304 regarding notice.

(6) A beneficiary may object to the proposed action by mailing a written objection to the fiduciary at the address stated in the notice of proposed action within the objection period.