Columbia Savings v. Zelinger

We granted certiorari to consider whether the court of appeals erred in concluding, contrary to detailed findings of fact of the trial court, that the petitioner, Columbia Savings (Columbia), could not set-off a portion of the proceeds of a trust account in which the respondent, Pearl Zelinger, had a beneficial interest, because the debt which formed the basis of the set-off had been discharged pursuant to section 4-3-605, 2 C.R.S. (1982). We reverse.

I

Zelinger and her sister, Gloria Springer, were named as beneficiaries of a revocable trust account established at Columbia by their mother,…