C.R.S. § 7-80-1212: Intellectual property as a capital contribution - assignment or exclusive licensing to artist company.

(1) A member of an artist company may assign or exclusively license to the artist company intellectual property, including artistic work or any right or rights related to the artistic work, as in-kind capital contributions, including as the initial capital contribution of the member to become a member of the artist company.

(2) The articles of organization or operating agreement of an artist company may provide for the valuation of artistic work, or any right or rights related to the artistic work, assigned or exclusively licensed to the artist company pursuant to this section. If, prior to the time of assignment or exclusive licensing, the governing body of the artist company and the assigning or exclusive licensing member fail to agree on a valuation, the member may elect to either:

(a) Decline to assign or exclusively license the artistic work, or any right or rights related to the artistic work, to the artist company; or

(b) Have an independent professional valuator mutually agreed to by the parties determine the valuation of the artistic work at the artist company's cost, which determination is final and binding.

(3) Any assignment or exclusive licensing of artistic work to an artist company pursuant to this section may be limited in scope to include only the artistic work, or any right or rights related to the artistic work, required for the artistic mission of the artist company.

(4) Unless otherwise specified in the articles of organization or operating agreement of an artist company, artistic work assigned or exclusively licensed to the artist company pursuant to this section is assigned or exclusively licensed subject to the reversionary rights set forth in section 7-80-1221 (2)(a)(I), which reversionary rights constitute a retained interest that does not transfer to the artist company and is not available to creditors of the artist company. Intellectual property contributed to the artist company that does not constitute artistic work is not subject to the reversionary rights and is an asset of the artist company.