Colorado § 5-3-404 - Restoration of down payment.
Full text of Colorado Colorado Revised Statutes § 5-3-404 — Restoration of down payment., with citation guidance and answers to common questions.
§ 5-3-404. Restoration of down payment.
(1) Within ten days after a notice of cancellation has been received by the seller or an offer to purchase has been otherwise revoked, the seller shall tender to the buyer any payments made by the buyer, any note or other evidence of indebtedness, and any goods traded in. A provision permitting the seller to keep all or any part of any goods traded in, payment, note, or other evidence of indebtedness is in violation of this section and unenforceable.
(2) If the down payment includes goods traded in, the goods shall be tendered in substantially as good condition as when received by the seller. If the seller fails to tender the goods as provided by this section, the buyer may elect to recover an amount equal to the trade-in allowance stated in the agreement.
(3) Until the seller has complied with the obligations imposed by this section, the buyer may retain possession of goods delivered to the buyer by the seller and has a lien on the goods in the buyer's possession or control for any recovery to which the buyer is entitled.
Source: L. 2000: Entire article R&RE, p. 1223, § 1, effective July 1.
Editor's note: This section is similar to former § 5-2-504, as it existed prior to 2000.
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 5-3-404
What does Colorado Revised Statutes § 5-3-404 cover?
Section 5-3-404 ("Restoration of down payment.") is part of the Colorado Revised Statutes, the codified statutory law of Colorado. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Colorado § 5-3-404?
A common citation format is "Colorado Revised Statutes § 5-3-404" (Colorado). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Colorado law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Colorado official source linked on this page or consult a licensed Colorado attorney.
How does Colorado § 5-3-404 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Colorado can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Colorado.