Colo. Rev. Stat. § 15-11-701

Current through Chapter 123 of the 2024 Legislative Session

Section 15-11-701 - Scope

For the purposes of this part 7, the term "governing instrument" shall be as defined in section 15-10-201(22); except:

(1) "Governing instrument" shall not include a deed that transfers any interest in real property; however, section 15-11-712 shall apply to such deeds.

(2) As the application of a particular section is limited by its terms to a specific type of provision or governing instrument. In the absence of a finding of a contrary intention, the rules of construction in this part 7 control the construction of a governing instrument executed or republished or reaffirmed on or after July 1, 1995, and the rules of construction under prior law control the construction of a governing instrument executed prior to July 1, 1995, and not a governing instrument republished or reaffirmed after that date. In the process of determining whether a contrary intention exists, the rules of construction of this part 7 shall not apply.

(3) In the absence of a finding of a contrary intention, the rules of construction in section 15-11-705 apply to a governing instrument executed or republished or reaffirmed on or after July 1, 2010, and the rules of construction under section 15-11-705, as it existed prior to July 1, 2010, apply to a governing instrument executed prior to July 1, 2010, and not republished or reaffirmed after that date.

C.R.S. § 15-11-701

L. 94: Entire part R&RE, p. 1009, § 3, effective July 1, 1995. L. 95: (2) amended, p. 357, § 8, effective July 1. L. 2010: (1) amended and (3) added, (SB 10-199), ch. 374, p. 1750, §11, effective July 1.

COMMENT

The rules of construction in this Part apply to governing instruments of any type, except as the application of a particular section is limited by its terms to a specific type or types of provision or governing instrument.

The term "governing instrument" is defined in Section 1-201 as "a deed, will, trust, insurance or annuity policy, account with POD designation, security registered in beneficiary form (TOD), pension, profit-sharing, retirement, or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a dispositive, appointive, or nominative instrument of any similar type."

Certain of the sections in this Part are limited in their application to donative dispositions or governing instruments of a certain type or types. Section 2-704, for example, applies only to a governing instrument creating a power of appointment. Section 2-706 applies only to governing instruments that are "beneficiary designations," a term defined in Section 1-201 as referring to "a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), or of a pension, profit-sharing, retirement, or similar benefit plan, or other nonprobate transfer at death." Section 2-707 applies only to governing instruments creating a future interest under the terms of a trust.

Cross References. See the Comment to Section 2-601.

Historical Note. This Comment was revised in 1993. For the prior version, see 8 U.L.A. 138 (Supp. 1992).

For provisions relating to the time of taking effect or the provisions for transition of this code, see § 15-17-101.