Colorado Legislative Council Staff
NO FISCAL IMPACT
February 6, 1999
Janis Baron (303-866-3523)
TITLE: CONCERNING THE LIMITATION OF CIVIL ACTIONS INVOLVING BREACHES OF FIDUCIARY DUTY.
Summary of Assessment
The bill amends the "Uniform Fiduciaries Law" and states that all common law civil action for breach of fiduciary obligations shall be limited to those circumstances in which there is a financial or property-based relationship between the parties. All common law civil actions for breach of fiduciary obligation or for vicarious liability arising from a breach of fiduciary obligation are limited to those circumstances in which a person has been entrusted with a financial or property interest of another and the person has violated that trust. All common law civil actions for breach of fiduciary obligations except those based upon a violation of a duty as to a financial or property interest are abolished.
The bill is assessed as having no fiscal impact. The bill makes modifications to the "Uniform Fiduciaries Law", it does not mandate new requirements on the Judicial Branch. The bill will not impact the courts' workload. The bill includes an effective date of July 1, 1999.