Currently, a bank may rely on a certificate of trust when trustees open a trust deposit account. The bill requires trustees to provide additional information in a certificate of trust. The bill also permits a bank to rely on a certificate of trust for any transaction between the bank and the trustees unless the bank has knowledge that the certificate of trust is contrary to the trust agreement. Knowledge will not be inferred solely because the bank has a copy of the trust agreement. The bill allows credit unions to rely on a certificate of trust in the same manner as a bank. (Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)
Colorado General Assembly
Sent to the Governor
Signed by the President of the Senate
Signed by the Speaker of the House
Senate Third Reading Passed - No Amendments
Senate Second Reading Passed - No Amendments
House Third Reading Passed - No Amendments
House Second Reading Passed - No Amendments
|Bill Text Versions||Format|
|Final Act (03/17/2017)|
|Signed Act (03/23/2017)|
|Fiscal Note FN1 (02/13/2017)|
|Fiscal Note FN2 (06/21/2017)|
Data on Open States is updated periodically throughout the day from the official website of the Colorado General Assembly.
If you notice any inconsistencies with these official sources, feel free to file an issue.