CO HB1157

Amends Colorado law to allow banks and credit unions to accept a certificate of trust (a duly acknowledged affidavit under penalty of perjury) as evidence of trust authority instead of requiring the full written trust agreement.

Requires the certificate of trust to include: trust existence and execution date, settlor identity, trustee identity and address, trustee powers in the transaction, revocability status, cotrustee authority requirements, and property titling information.

For deposit accounts, financial institutions may administer accounts based solely on the certificate without requesting the written trust agreement; for loans or other agreements, trustees are conclusively presumed to have the authority stated in the certificate unless the institution has actual knowledge of contrary terms.

Banks and credit unions are not liable for administering accounts according to the certificate, even if it conflicts with the actual trust agreement, unless they have actual knowledge of the discrepancy.

Financial institutions retain the right to refuse transactions with trustees who won't provide a written trust agreement and may request additional information or signatures from all trustees.