County Treasurers and Public Trustees
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Property - Real
Ownership of Condominium Units
Time-sharing - definitions.
As used in this section and section
unless the context otherwise requires:
(1) (a) "Interval estate" means a combination of:
(I) An estate for years terminating on a date
certain, during which years title to a time share unit circulates among the
interval owners in accordance with a fixed schedule, vesting in each such
interval owner in turn for a period of time established by the said schedule,
with the series thus established recurring annually until the arrival of the
date certain; and
(II) A vested future interest in the same unit,
consisting of an undivided interest in the remainder in fee simple, the
magnitude of the future interest having been established by the time of the
creation of the interval estate either by the project instruments or by the deed
conveying the interval estate. The estate for years shall not be deemed to merge
with the future interest, but neither the estate for years nor the future
interest shall be conveyed or encumbered separately from the other.
(b) "Interval estate" also means an estate for
years as described in subparagraph (I) of paragraph (a) of this subsection (1)
where the remainder estate, as defined either by the project instruments or by
the deed conveying the interval estate, is retained by the developer or his
successors in interest.
(2) "Interval owner" means a person vested with
legal title to an interval estate.
(3) "Interval unit" means a unit the title to
which is or is to be divided into interval estates.
(4) "Project instruments" means the declaration,
the bylaws, and any other set of restrictions or restrictive covenants, by
whatever name denominated, which limit or restrict the use or occupancy of
condominium units. "Project instruments" includes any lawful amendments to such
instruments. "Project instruments" does not include any ordinance or other
public regulation governing subdivisions, zoning, or other land use matters.
(5) "Time share estate" means either an interval
estate or a time-span estate.
(6) "Time share owner" means a person vested with
legal title to a time share estate.
(7) "Time share unit" means a unit the title to
which is or is to be divided either into interval estates or time-span estates.
(8) "Time-span estate" means a combination of:
(a) An undivided interest in a present estate in
fee simple in a unit, the magnitude of the interest having been established by
the time of the creation of the time-span estate either by the project
instruments or by the deed conveying the time-span estate; and
(b) An exclusive right to possession and
occupancy of the unit during an annually recurring period of time defined and
established by a recorded schedule set forth or referred to in the deed
conveying the time-span estate.
(9) "Time-span owner" means a person vested with
legal title to a time-span estate.
(10) "Time-span unit" means a unit the title to
which is or is to be divided into time-span estates.
(11) "Unit owner" means a person vested with
legal title to a unit, and, in the case of a time share unit, "unit owner" means
all of the time share owners of that unit. When an estate is subject to a deed
of trust or a trust deed, "unit owner" means the person entitled to beneficial
enjoyment of the estate and not to any trustee or trustees holding title merely
as security for an obligation.
38-33-111. Special provisions applicable to time share
(1) No time share estates
shall be created with respect to any condominium unit except pursuant to
provisions in the project instruments expressly permitting the creation of such
estates. Each time share estate shall constitute for all purposes an estate or
interest in real property, separate and distinct from all other time share
estates in the same unit or any other unit, and such estates may be separately
conveyed and encumbered.
(3) With respect to each time share unit, each
owner of a time share estate therein shall be individually liable to the unit
owners' association or corporation for all assessments, property taxes both real
and personal, and charges levied pursuant to the project instruments against or
with respect to that unit, and such association or corporation shall be liable
for the payment thereof, except to the extent that such instruments provide to
the contrary. However, with respect to each other, each time share owner shall
be responsible only for a fraction of such assessments, property taxes both real
and personal, and charges proportionate to the magnitude of his undivided
interest in the fee to the unit.
(4) No person shall have standing to bring suit
for partition of any time share unit except in accordance with such procedures,
conditions, restrictions, and limitations as the project instruments and the
deeds to the time share estates may specify. Upon the entry of a final order in
such a suit, it shall be conclusively presumed that all such procedures,
conditions, restrictions, and limitations were adhered to.
(5) In the event that any condemnation award, any
insurance proceeds, the proceeds of any sale, or any other sums shall become
payable to all of the time share owners of a unit, the portion payable to each
time share owner shall be proportionate to the magnitude of his undivided
interest in the fee to the unit.
Limitation of Actions Affecting Real Property
38-41-110. Payment of
delinquent taxes by owner of less than whole property.
The owner of not less than one-tenth undivided
interest in real property which he has owned not less than one year may pay
and the county treasurer shall receive from him all delinquent taxes due
upon the entire or any other fractional interests therein by redemption from
prior or subsequent tax sales or by payment of any taxes which are
delinquent, or otherwise, and if at the time of such payment he records with
the county clerk and recorder a statement describing the property and
showing the payment of such taxes under this article, he shall be subrogated
to the first and prior lien of the state of Colorado for such taxes and may
foreclose such lien at any time after four years from the date when any part
of the taxes so paid first became delinquent, in the same manner and with
like remedies as a first mortgage; or he shall be entitled to have any such
payment allowed as a setoff in any accounting with any other person
interested in such property, whether under the provisions of article 44 of
title 34, C.R.S., or otherwise. The owner of any other fractional interest
may at any time prior to foreclosure pay to the treasurer his pro rata share
of such payments, with interest and recording fees which shall be repaid to
the lien claimant and for which a redemption certificate shall issue, which,
when recorded, shall release such interest from such lien.
Rights of co-owners under this section distinguished from right of
redemption. Unlike the right of an interest holder to redeem under
§ 39-12-103, the right granted to certain co-owners to pay delinquent
taxes under this section does not result in issuance of a redemption
certificate or acquisition of an interest in the delinquent co-owner's
estate. Rather, the paying co-owner is granted the right to foreclose the
lien for unpaid taxes. Notch Mountain Corp. v. Elliott, 898 P.2d 550 (Colo.
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