RELEASES OF DEEDS OF TRUST
15-12-1201. Collection of personal
property by affidavit
(1) At any time ten or more
days after the date of death of a decedent, any person indebted to the decedent
or having possession of any personal property, including but not limited to
funds on deposit at, or any contents of a safe deposit box at, any financial
institution; tangible personal property; or an instrument evidencing a debt,
obligation, stock, chose in action, or stock brand belonging to the decedent
shall pay or deliver such property to a person claiming to be a successor of
the decedent or acting on behalf of a successor of the decedent upon being
presented an affidavit made by or on behalf of the successor stating:
(a) The fair market value of property owned by the decedent and subject to
disposition by will or intestate succession at the time of his or her death,
wherever that property is located, less liens and encumbrances, does not exceed
twice the amount set forth in section 15-11-403, as adjusted by section
15-10-112;
(b) At least ten days have elapsed since the death of the decedent;
(c) No application or petition for the appointment of a personal representative
is pending or has been granted in any jurisdiction; and
(d) Each person is entitled to payment or delivery of the property as set forth
in such affidavit.
(1.5) An instrument or other property that is payable or deliverable to a
decedent or to the estate of a decedent is considered property of the decedent
subject to subsection (1) of this section. A successor or person acting on
behalf of a successor under subsection (1) of this section may endorse an
instrument that is so payable and collect such amount.
(2) A transfer agent of any security shall change the registered ownership on
the books of a corporation from the decedent to the successor or successors
upon the presentation of an affidavit as provided in subsection (1) of this
section.
(3) The public official having cognizance over the registered title of any
personal property of the decedent shall change the registered ownership from the
decedent to the successor or successors upon the presentation of an affidavit
as provided in subsection (1) of this section.
(3.5) In the event that an instrument or other evidence of an indebtedness is
secured by real property, in order to act on behalf of the holder of the
indebtedness secured by a mortgage, deed of trust, or other security document,
the person making the affidavit must record, with the clerk and recorder of the
county where the real property is located, a copy of the affidavit and a copy
of the decedent's death certificate or a verification of death document.
(3.7) Pursuant to section 15-10-111 (1) (a) (I) and (1) (b), a safe deposit box
may be entered and its contents shall be delivered upon presentation of an
affidavit made pursuant to subsection (1) of this section.
(4) The duties owed to a successor by a person acting on behalf of the
successor in the making, presentation, or other use of an affidavit under this
section are the same as the duties of an agent to the agent's principal, and
the breach of such duty is subject to the same remedies as are available under
the law of this state with respect to an agent subject to part 7 of article 14
of this title, including but not limited to the remedies available under part 5
of article 10 of this title. A successor who makes, presents, or uses such an
affidavit where there are two or more successors is a person acting on behalf
of each other successor.
38-39-100.5. Definitions.
The definitions in section
38-38-100.3 apply to this article unless the context otherwise requires.
38-39-101. Effect of deed
of trust to private trustee - nature of obligation secured.
Any deed of trust that names
any person other than a public trustee as trustee therein or that secures an
obligation other than an evidence of debt shall be deemed and taken to be a
mortgage for all purposes and foreclosed only as mortgages are foreclosed in
and through the courts; except that any deed of trust that names a public
trustee as trustee therein and secures an obligation other than an instrument
evidencing a debt shall be released as provided in section 38-39-102 (5).
38-39-102. When deed of
trust shall be released.
(1) (a) Except as otherwise provided in
paragraph (a) of subsection (3) of this section, a deed of trust to the public
trustee, upon compliance with the provisions of the deed of trust, shall be
released by the public trustee upon the:
(I) Receipt of a written
request from the holder of the evidence of debt secured by the deed of trust,
the holder's agent or attorney, or a title insurance company providing an
indemnification agreement and affidavit described in paragraph (c) of
subsection (3) of this section, which request shall be duly executed and
acknowledged;
(II) Production of the
original cancelled evidence of debt such as a note or bond as evidence that the
indebtedness secured by such deed of trust has been paid; except that such
production may be omitted in the circumstances contemplated in subsection (3)
of this section;
(III) Receipt by the public trustee of the fee prescribed by section 38-37-104 (1) (a) and the fee for recording the release;
(IV) Receipt by the public
trustee of a current address for the original grantor, assuming party, or
current owner or either a notation on the request for release of the deed of
trust or a written statement from the holder of the evidence of debt secured by
the deed of trust, the title insurance company licensed and qualified in
Colorado, of the holder of the original evidence of debt that is a qualified holder,
as defined in section 38-38-100.3 (20), that they have no record of a current
address that is different from the address of the property encumbered by the
deed of trust being released; except that it shall be within the public
trustee’s discretion to release a deed of trust, upon compliance with the
provisions of the deed of trust, if the public trustee has not received the
information required pursuant to this subparagraph (IV); and
(V)
Production of the original recorded deed of trust securing the evidence of debt
or a legible copy thereof.
(b) Immediately upon
execution of the release of the deed of trust by the public trustee, the public
trustee shall cause the release to be recorded in the records of the county
clerk and recorder.
(2) If the purpose of the deed of trust has
been fully or partially satisfied and the indebtedness secured by such deed of
trust has not been paid, the public trustee shall release the deed of trust as
to all or portions of the property encumbered by the deed of trust pursuant to
the provisions of subsection (1) of this section if the request to release
certifies that the purpose of the deed of trust has been fully or partially
satisfied and if either the original evidence of debt is exhibited or the holder
of the evidence of debt is a qualified holder.
(3) (a) (I) Subject to the provisions of
subparagraph (II) of this paragraph (a), with respect to either subsection (1)
or (2) of this section, a holder of the original evidence of debt that is a
qualified holder, as defined in section 38-38-100.3 (20), may request the
release of a deed of trust without producing or exhibiting the original
evidence of debt. A holder that requests the release of a deed of trust
pursuant to this paragraph (a) shall be deemed to have agreed to indemnify and
defend the public trustee against any claim made within the period described in
subsection (7) of this section for damages resulting from the action of the
public trustee taken in accordance with the request. The indemnity granted by
this paragraph (a) is limited to actual economic loss suffered and any court
costs and reasonable attorney fees and costs incurred in defending a claim
brought as a direct and proximate result of the failure to produce the original
evidence of debt, but the indemnity does not include and no claimant is
entitled to any special, incidental, consequential, reliance, expectation, or
punitive damages. No separate indemnification agreement shall be necessary for
the agreement to indemnify to be effective.
(II) A holder of the original
evidence of debt that is a qualified holder, as defined in section 38-38-100.3
(20), shall provide the public trustee with a current address for the original
grantor, assuming party or current owner when requesting a release of a deed of
trust pursuant to this paragraph (a).
(b) (I) Subject to the
provisions of subparagraph (II) of this paragraph (b), with respect to either
subsection (1) or (2) of this section, the holder of the evidence of debt may
request the release of a deed of trust without producing or exhibiting the
original evidence of debt. A holder that requests the release of a deed of
trust pursuant to this paragraph (b) shall deliver to the public trustee a
corporate surety bond in an amount equal to one and one-half times the original
principal amount recited in the deed of trust, which corporate surety bond
shall remain in full force and effect for the period described in subsection
(7) of this section;
(II) A holder of the original
evidence of debt shall provide the public trustee with a current address for
the original grantor, assuming party or current owner when requesting a release
of a deed of trust pursuant to this paragraph (b).
(c) (I) Subject to the
provisions of subparagraph (II) of this paragraph (c), with respect to either
subsection (1) or (2) of this section, a title insurance company licensed and
qualified in Colorado may request the release of a deed of trust without
producing or exhibiting the original evidence of debt. A company that requests
the release of a deed of trust pursuant to this paragraph (c) shall be deemed
to have agreed to indemnify and defend the public trustee against any claim
made within the period described in subsection (7) of this section for damages
resulting from the action taken by the public trustee in accordance with the
request. The indemnity granted by this paragraph (c) is limited to actual
economic loss suffered and any court costs and reasonable attorney fees and
costs incurred in defending a claim brought as a direct and proximate result of
the failure to produce the original evidence of debt, but the indemnity does
not include and no claimant is entitled to any special, incidental,
consequential, reliance, expectation, or punitive damages. No separate
indemnification agreement shall be necessary for the agreement to indemnify to
be effective; however, the company shall provide to the public trustee an
affidavit executed by an officer of the company stating that the company has
caused the indebtedness secured by the deed of trust to be satisfied in full
or, in the case of a partial release, to the extent required by the holder of
the indebtedness.
(II) A title insurance
company licensed and qualified in
(3.5) Venue for any action based upon the
indemnification agreement specified in paragraph (a) of subsection (3) of this
section shall be proper only in the county in which the public trustee
receiving the certification is located.
(4) A public trustee shall have no duty to
retain the original cancelled evidence of debt or deed of trust upon a release
granted pursuant to this section.
(5) The lien represented by a deed of trust to
the public trustee that secures an obligation other than an evidence of debt
shall be released by the public trustee pursuant to the provisions of
subsection (1) of this section as to all or portions of the property encumbered
by the deed of trust upon the:
(a) Receipt of a written request of the
beneficiary or assignee of such deed of trust, which request shall be duly
executed and acknowledged;
(b) Presentation to the
public trustee of an affidavit of such beneficiary or assignee stating that the
purpose of the deed of trust has been fully or partially satisfied; and
(c) Receipt by the public
trustee of the fee prescribed by section 38-37-104 (1) (a) and the fee for
recording the release.
(6) The public trustee shall
have no liability to any person, and no action may be commenced against the
public trustee, as a result of issuing a release or partial release of a deed
of trust under subsection (3) of this section, unless such action is commenced within
six years from the date of the recording of such release or partial release or
within the period of time prescribed by any statute of limitation of this state
in which a suit to enforce payment of the indebtedness or performance of the
obligation secured by said deed of trust may be commenced, whichever is less.
Nothing in this article shall be construed to waive immunity of a public
trustee that is provided in sections 24-10-101 to 24-10-120, C.R.S.
(7) The indemnification
agreements or the corporate surety bond described in this section shall, in
each case, remain effective for the time period described in subsection (6) of
this section or until such time as any claim made against the public trustee
within such time period has been finally resolved, whichever is longer.
(8) If the written request to
release the lien of any deed of trust is a fraudulent request, the release by
the public trustee based upon such request shall be void.
(8.5) If a deed of trust is
improperly recorded in the office of the clerk and recorded of a county other
than the county in which the real property is located, the deed of trust must
be recorded in the correct county before the public trustee may release the
deed of trust. The public trustee of a
county other than the county wherein the real property is located shall not
release the deed of trust.
(9) For purposes of this
section, unless the context otherwise requires:
(a) “Assuming party” means a
person other than the original grantor who paid off the indebtedness on behalf
of the original grantor.
(b) “Current address” means
the most recent address reflected in the records of a holder of the evidence of
debt, a title insurance company licensed and qualified in Colorado , or a
holder of the original evidence of debt that is a qualified holder, as defined
in section 38-38-100.3 (20). If a holder
of the evidence of debt, a title insurance company licensed and qualified in
Colorado , or a holder of the original evidence of debt that is a qualified
holder, as defined in section 38-38-100.3 (20), has no record of a current
address, any requirement that a current address be provided shall be deemed
satisfied by indicating that fact.
(c) “Current owner” means a
person other than the original grantor who currently owns the property and has
either paid off or taken over the indebtedness on behalf of the original
grantor.
38-39-103. Effect of
release or partial release before maturity of evidence of debt - release is
good as to recitals.
(1) In any executed and recorded release or partial
release of any deed of trust affecting the title to real estate in this state,
whether or not such release is executed before the maturity of the indebtedness
so secured, the recital of the following shall constitute evidence thereof, so
as to give full effect to such release:
(a) That the indebtedness
secured by such deed of trust has been fully or partially paid; or
(b) That the purpose of the
deed of trust has been fully or partially satisfied.
(2) Any release of deed of
trust shall be good and valid as to the recitals therein, whether made to the
original grantor of said deed of trust or to a subsequent purchaser of the
property described in such release of deed of trust.
38-39-104. Satisfaction of
mortgage.
The lien of any mortgage
encumbering property within the state of
38-39-105. Removal of
improvements from encumbered property.
(1) An owner of real property shall not remove
any improvement therefrom without first obtaining the written consent of the
holder of any lien recorded prior to October 1, 1990, and the holder of the
indebtedness secured by the deed of trust or mortgage having the most senior
lien which encumbers such real property. This section shall not apply where any
such improvement is expressly excepted from such lien.
(2) Any person who violates
the provisions of subsection (1) of this section commits a class 2 misdemeanor
and shall be punished as provided in section 18-1.3-501, C.R.S.
38-39-106. Future
advances.
(1) Any mortgage may, by its terms, secure
future advances up to a total maximum principal amount expressly set forth in
such mortgage. Such mortgage shall be effective to secure payment of all
advances, both obligatory and optional, up to the stated maximum principal
amount to the same extent and with the same effect and priority as if such
total maximum principal amount had been fully disbursed on or before the date
such mortgage was recorded.
(2) Such mortgage shall also
secure, to the same extent and with the same effect and priority, the following
additional amounts regardless of whether such additional amounts, when added to
the principal amount of the indebtedness, exceed the maximum principal amount
stated in the mortgage:
(a) All increases in the
principal amount that result from negative amortization or the addition of
deferred interest;
(b) All disbursements made
for the payment of taxes, levies, or insurance with respect to the property
subject to the mortgage or made to protect such property from waste, damage, or
abuse;
(c) If the mortgage or
evidence of debt secured by the mortgage so provides, all reasonable expenses
associated with collection of the indebtedness or foreclosure of the mortgage;
and
(d) Interest on any of the
items specified in paragraphs (a) to (c) of this subsection (2) in accordance
with the terms of the mortgage or the evidence of debt secured by the mortgage.
(3) Subsection (1) of this
section shall not apply to any subsequent advance against a mortgage instrument
after a mortgagee has initially advanced principal up to the maximum amount
stated in the mortgage, unless the mortgage instrument clearly states that it was
made pursuant to a revolving credit arrangement.
(4) This section shall have
no application to the priority of general mechanics' liens arising pursuant to
article 22 of this title, and the priority of such general mechanics' liens
with respect to a mortgage which secures future advances shall be determined
without reference to this section.
38-39-107. Form of written
request for release of a deed of trust with production of the evidence of debt.
A written request to a public
trustee made pursuant to section 38-39-102 (1) (a) to release a deed of trust
with production of the original canceled evidence of debt may be in
substantially the following form:
Original Note and Deed of Trust Returned to:
When recorded return to:
Prepared/Received by:
REQUEST FOR FULL [ ] / PARTIAL [ ]
RELEASE OF DEED OF TRUST AND RELEASE
BY HOLDER OF THE EVIDENCE OF DEBT
WITH
PRODUCTION OF EVIDENCE OF DEBT PURSUANT
TO § 38-39-102 (1) (a), COLORADO REVISED STATUTES
___________________________ Date
___________________________ Original Grantor (Borrower)
___________________________
___________________________ Current Address of Original Grantor, Assuming
Party, or Current Owner
[ ] Check here is current address is unknown
___________________________ Original Beneficiary (Lender)
___________________________
___________________________ Date of Deed of Trust
___________________________ Date of Recording and/or Re-Recording of Deed of
Trust
___________________________ Recording Information
County Rcpt. No. and/or Film No. and/or Book/Page No. and/or
TO THE PUBLIC TRUSTEE OF COUNTY
(The County of the Public Trustee who is the appropriate grantee to whom the
above Deed of Trust should grant an interest in the property described in the
Deed of Trust)
PLEASE EXECUTE AND RECORD A RELEASE OF THE DEED OF TRUST DESCRIBED ABOVE. The
indebtedness secured by the Deed of Trust has been fully or partially paid
and/or the purpose of the Deed of Trust has been fully or partially satisfied
in regard to the property encumbered by the Deed of Trust as described therein
as to a full release or, in the event of a partial release, only that portion
of the real property described as:
_________________________________________________________
(IF NO LEGAL DESCRIPTION IS LISTED THIS WILL BE DEEMED A FULL RELEASE.)
Name and address of current holder of the EVIDENCE OF DEBT
secured by deed of trust (lender)
_________________________________________________________
Name, title, and address of officer, agent, or attorney of current holder
___________________________________________________________
Signature
Signature
State of
, County of
The foregoing Request for Release was acknowledged before me on
(Date) by*
(Notary Seal)
_______________________________Date Commission Expires
*If applicable, insert title of officer and name of current holder
____________________________________
Notary Public Witness my hand and
official seal
RELEASE OF DEED OF TRUST
WHEREAS, the Grantor(s) named above, by Deed of Trust, granted certain real
property described in the Deed of Trust to the Public Trustee of the County
referenced above, in the State of Colorado, to be held in trust to secure the
payment of the indebtedness referred to therein; and
WHEREAS, the indebtedness secured by the Deed of Trust has been fully or
partially paid and/or the purpose of the Deed of Trust has been fully or
partially satisfied according to the written request of the current holder of
the evidence of debt;
NOW THEREFORE, in consideration of the premises and the payment of the
statutory sum, receipt of which is hereby acknowledged, I, as the Public
Trustee in the County named above, do hereby fully and absolutely release,
cancel and forever discharge the Deed of Trust or that portion of the real
property described above in the Deed of Trust, together with all privileges and
appurtenances thereto belonging.
___________________________________
Public Trustee
____________________________________
Deputy Public Trustee
(Public Trustee use only; use appropriate label)
(Public Trustee's seal)
(If applicable: Notary Seal)
___________________________________________________________
(If applicable, name and address of person creating new legal description as
required by § 38-35-106.5, Colorado Revised Statutes.)
38-39-108. Form of written
request for release of a deed of trust without production of the evidence of
debt.
A written request to a public
trustee made pursuant to section 38-39-102 (1) (a) and (3) to release a deed of
trust without production of the original canceled evidence of debt may be in
substantially the following form:
Original Note and Deed of Trust Returned to:
When recorded return to:
Prepared/Received by:
REQUEST FOR FULL [ ] / PARTIAL [ ]
RELEASE OF DEED OF TRUST AND RELEASE
BY HOLDER OF THE EVIDENCE OF DEBT
WITHOUT
PRODUCTION OF EVIDENCE OF DEBT PURSUANT TO
§ 38-39-102 (1) (a) and (3), COLORADO REVISED STATUTES
___________________________ Date
___________________________ Original Grantor (Borrower)
___________________________
___________________________ Current Address of Original Grantor, Assuming
Party, or Current Owner
[ ] Check here is current address is unknown
___________________________ Original Beneficiary (Lender)
___________________________
___________________________ Date of Deed of Trust
___________________________ Date of Recording and/or
Re-Recording of Deed of Trust
___________________________ Recording Information
County Rcpt. No. and/or Film No. and/or Book/Page No. and/or Torrens Reg. No.
TO THE PUBLIC TRUSTEE OF COUNTY
(The County of the Public Trustee who is the appropriate grantee to whom the
above Deed of Trust should grant an interest in the property described in the
Deed of Trust)
PLEASE EXECUTE AND RECORD A RELEASE OF THE DEED OF TRUST DESCRIBED ABOVE. The
indebtedness secured by the Deed of Trust has been fully or partially paid
and/or the purpose of the Deed of Trust has been fully or partially satisfied
in regard to the property encumbered by the Deed of Trust as described therein
as to a full release or, in the event of a partial release, only that portion
of the real property described as:
_________________________________________________________
(IF NO LEGAL DESCRIPTION IS LISTED THIS WILL BE DEEMED A FULL RELEASE.)
Pursuant to § 38-39-102 (3), Colorado Revised Statutes, in support of this
Request for Release of Deed of Trust, the undersigned, as the holder
of the evidence of debt
secured by the Deed of Trust described above, or as a Title Insurance Company
authorized to request the release of a Deed of Trust pursuant to §
38-39-102(3)(c), Colorado Revised Statutes, in lieu of the production or
exhibition of the original evidence of debt with this Request for Release,
certifies as follows:
1. The purpose of the Deed of Trust has been fully or
partially satisfied.
2. The original evidence of debt is not being exhibited or
produced herewith.
3. It is one of the following entities (check applicable
box):
a. [ ] The holder of the original
evidence of debt that is a qualified holder, as specified in § 38-39-102(3)(a),
Colorado Revised Statutes, that agrees that it is obligated to indemnify the Public
Trustee for any and all damages, costs, liabilities, and reasonable attorney
fees incurred as a result of the action of the Public Trustee taken in
accordance with this request for release;
b. [ ] The holder of the evidence of
debt requesting the release of a Deed of Trust without producing or exhibiting
the original evidence of debt that delivers to the Public Trustee a corporate
surety bond as specified in § 38-39-102(3)(b), Colorado Revised Statutes; or
c. [ ] A
title insurance company licensed and qualified in Colorado, as specified in §
38-39-102(3)(c), Colorado Revised Statutes, that agrees that it is obligated to
indemnify the Public Trustee
pursuant
to statute as a result of the action of the Public Trustee taken in
accordance with this request for release and that has caused the indebtedness secured by the deed of trust to be
satisfied in full, or in the case of a partial release, to the extent required
by the holder of the indebtedness.
__________________________________________________
Name and address of the holder of the evidence of debt secured by Deed of Trust
(lender) or name and address of the Title Insurance Company authorized to
request the release or a Deed of Trust
_________________________________________________________
Name, title, and address of officer, agent, or attorney of the holder of the
evidence of debt secured by Deed of Trust (lender)
___________________________________________________________
Signature
Signature
State of
, County of
The foregoing Request for Release was acknowledged before me
on (Date) by*
(Notary Seal)
_______________________________ Date Commission Expires
*If applicable, insert title of officer and name of current holder
____________________________________
Notary Public Witness my hand and official seal
RELEASE OF DEED OF TRUST
WHEREAS, the Grantor(s) named above, by Deed of Trust, granted certain real
property described in the Deed of Trust to the Public Trustee of the County
referenced above, in the State of Colorado, to be held in trust to secure the
payment of the indebtedness referred to therein; and
WHEREAS, the indebtedness secured by the Deed of Trust has been fully or
partially paid and/or the purpose of the Deed of Trust has been fully or
partially satisfied according to the written request of the holder of the evidence
of debt or Title Insurance Company authorized to request the release of the
Deed of Trust;
NOW THEREFORE, in consideration of the premises and the payment of the
statutory sum, receipt of which is hereby acknowledged, I, as the Public
Trustee in the County named above, do hereby fully and absolutely release,
cancel and forever discharge the Deed of Trust or that portion of the real
property described above in the Deed of Trust, together with all privileges and
appurtenances thereto belonging.
____________________________________
Public Trustee
____________________________________
Deputy Public Trustee
(Public Trustee use only; use appropriate label)
(Public Trustee's seal)
(If applicable: Notary Seal)
___________________________________________________________
(If applicable, name and address of person creating new legal description as
required by § 38-35-106.5, Colorado Revised Statutes.)
38-39-109. When release of
deed of trust is recorded.
(1)(a) Except as provided in
paragraph (b) of this subsection (1), when a release of deed of trust is
presented to the county clerk and recorded for recording, the county clerk and
recorder shall return the original release of a deed of trust to the original
grantor, assuming party, or current owner using the current address for the
original grantor, assuming party, or current owner provided to the public
trustee pursuant to section 38-3-102 (1)(a)(IV), (3)(a)(II), (3)(b)(II),
(3)(c)(II), or (5)(d).
(b) The county clerk and
recorder shall not be required to return the original release of a deed of
trust as specified in paragraph (2) of this subsection (1) if the public
trustee, in his or her discretion, has released the deed of trust as specified
in section 38-39-102(1)(a)(IV) or if a current address is not provided as
specified in section 38-39-102(9)(b).
(2) If the original release
is returned to the county clerk and recorder as undeliverable or unable to
forward, the county clerk and recorder shall
maintain the original release pursuant to the policy of the office of the clerk
and recorder.
(3) Any original grantor,
assuming party, or current owner seeking a copy of a release of a deed of trust
after recording shall be subject to appropriate copy fees pursuant to section
30-1-103, C.R.S.
38-39-201. Liens not to
run over fifteen years.
(1) Except as provided in sections 38-39-202
and 38-39-204, any lien upon property created by a mortgage or deed of trust
shall cease to be a lien fifteen years after the date on which the final
payment or performance of the obligation secured thereby is due as shown by
such mortgage or deed of trust recorded in the office of the county clerk and
recorder of the county wherein the property is located.
(2) If the date on which the
final payment or performance is due cannot be determined from the information
contained in the recorded mortgage or deed of trust, such date shall, for the
purpose of this article, be considered to be the date of the recorded
instrument or, if the instrument is undated, the date the instrument was first
recorded, notwithstanding anything in any other instrument or any unrecorded
instrument to the contrary.
38-39-202. Lien extended -
method.
(1) The lien of a recorded mortgage or deed of
trust may be extended without the written agreement of the owner of the
property encumbered by such lien by an instrument in writing, signed by the
owner of the obligation secured by such lien or by the person, firm, or
corporation designated in such mortgage or deed of trust as the trustee for the
owner of the obligation, such as a note or bond secured by such lien or by the
successor in office of such named trustee. Such instrument shall clearly
describe the mortgage or deed of trust, shall state the date to which the lien
has been extended, and shall be recorded before the expiration of the fifteen-year
period described in section 38-39-201 (1) in the office of the county clerk and
recorder of the county wherein the property is located. The date to which such
lien is extended by such instrument shall in no event be later than fifteen
years after the recording date of such instrument.
(2) Additional and further
extensions may be recorded from time to time in accordance with the provisions
of this section in order to extend the lien of such mortgage or deed of trust.
The original extension and all additional and further extensions shall, in no
event, extend the lien of the original mortgage or trust deed beyond a total of
thirty years without the written agreement of the owner of the property
encumbered by such lien. Each successive extension must be recorded during the
time that such mortgage or deed of trust constitutes a lien under the terms of
this article and before the expiration of the respective period for which the
lien of such mortgage or deed of trust may have been extended in accordance with
the terms of this article.
(3) The lien of a recorded
mortgage or deed of trust may be extended for so long as agreed, by an
instrument in writing, signed by the owner of the obligation secured by such
lien and the owner of the property encumbered by such lien and recorded in the
office of the county clerk and recorder of the county in which such property is
located.
(4) The term "thirty
years", as used in this section, means thirty years after the original
maturity date of such mortgage or deed of trust.
38-39-203. No release
necessary.
No release or other
instrument shall be necessary to discharge the lien of any recorded mortgage or
deed of trust which has expired or ceased to be a lien as provided in sections
38-39-201 and 38-39-202, but nothing in this section shall be construed as
affecting or preventing the execution of a release at any time.
38-39-204. Effect of
notice of action on lien.
If, prior to the expiration
of the period as defined in sections 38-39-201 and 38-39-202 during which any
recorded mortgage or deed of trust constitutes a lien, there shall be filed in
the office of the county clerk and recorder of the proper county a notice of an
action pending to foreclose such lien or a notice of election and demand for
sale, the lien created by such instrument shall continue until final
disposition of the action or foreclosure proceeding.
38-39-205. Action to be
brought within fifteen years.
No action shall be commenced
to foreclose the lien of any mortgage or deed of trust, unless such action is
commenced prior to the date on which such mortgage or deed of trust ceases to
be a lien pursuant to sections 38-39-201 and 38-39-202.
38-39-206. Does not extend
any lien.
This article shall not be
construed as extending any lien or the right to bring or maintain any action
for which a shorter period may be provided by law.
38-39-207. Lien
extinguished when action barred.
The lien created by any
instrument shall be extinguished, regardless of any other provision in this
article to the contrary, at the same time that the right to commence a suit to
enforce payment of the indebtedness or performance of the obligation secured by
the lien is barred by any statute of limitation of this state.
38-39-208. Action within
seven years when in possession.
No action shall be commenced
for any reason whatsoever to question or to set aside any foreclosure of any
deed of trust, mortgage, or other lien, unless such action is commenced within
seven years after the date of the vesting of title pursuant to such foreclosure.
38-39-209. Mortgages to
United States.
(1) Any mortgage, deed of trust, or other
instrument executed by a corporation organized under the provisions of articles
40, 55, and 56 of title 7, C.R.S., and given to secure any indebtedness to the
United States, or any agency or instrumentality thereof, which affects real or
personal property, or both, and which is recorded in the real property records
in any county in which such property is located or is to be located shall have
the same force and effect as if such instrument were also recorded, filed, or
indexed as provided by law in the proper office in such county as a mortgage of
personal property. All after-acquired real or personal property of such
corporation, described or referred to as being mortgaged or pledged in any such
instrument, shall become subject to the lien thereof immediately upon the
acquisition of such property by such corporation, whether or not such property
was in existence at the time of the execution of such instrument.
(2) Recordation of any such
instrument shall constitute notice and otherwise have the same effect with
respect to such after-acquired property as it has under the laws relating to
recordation with respect to property owned by such corporation at the time of
the execution of such instrument and therein described or referred to as being
mortgaged or pledged thereby. The lien upon personal property of any such
instrument shall, after recordation thereof, continue in existence and of
record until the performance of the obligation secured thereby or the release
or satisfaction thereof by the owner thereof.
© CCTPTA 2020, All Rights Reserved