Colo. Rev. Stat. § 15-1-1505

Current through Acts effective through 7/1/2024 of the 2024 Legislative Session

Section 15-1-1505 - Terms-of-service agreement

(1) This part 15 does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user.

(2) This part 15 does not give a fiduciary or designated recipient any new or expanded rights other than those held by the user for whom, or for whose estate, the fiduciary or designated recipient acts or represents.

(3) A fiduciary's or designated recipient's access to digital assets may be modified or eliminated by a user, by federal law, or by a terms-of-service agreement if the user has not provided direction under section 15-1-1504.

C.R.S. § 15-1-1505

Added by 2016 Ch. 71,§ 1, eff. 8/10/2016.

L. 2016: Entire part added, (SB 16-088), ch. 71, p. 182, § 1, effective August 10.

OFFICIAL COMMENT

This section clarifies that, to the extent that a custodian gives a fiduciary access to an account pursuant to Section 1506, the account's terms-of-service agreement applies equally to the original user and to a fiduciary acting for the original user. A fiduciary is subject to the same terms and conditions of the user's agreement with the custodian. This section does not require a custodian to permit a fiduciary to assume a user's terms-of-service agreement if the custodian can otherwise comply with Section 1506.