Colorado § 28-3-1406 - Mortgage or security on property.

§ 28-3-1406. Mortgage or security on property.

(1) In any proceeding commenced during a period of state military service or state defense force active duty, as described in section 28-3-1402, to enforce obligations secured by a mortgage, trust deed, or other security upon real or personal property owned prior to the commencement of the period of state military service or state defense force active duty, the court may, on its own motion, stay the proceedings for the duration of the period of service or duty and for thirty days thereafter or otherwise dispose of the case as may be equitable to conserve the interests of all parties. The court shall stay the proceedings upon the application of a person, or an agent of the person, engaged in state military service or state defense force active duty unless, in the opinion of the court, the ability of the person to comply with the terms of the obligation is not materially affected.

(2) A sale, foreclosure, or seizure of property for nonpayment of any sum due under any obligation, or for breach of the terms of any such obligation, is not valid if made during a period of state military service or state defense force active duty, as described in section 28-3-1402, or within thirty days thereafter, unless such sale, foreclosure, or seizure is made upon an order previously granted by the court and a return thereto made and approved by the court.

(3) This section applies only to obligations secured by a mortgage, trust deed, or other security in the nature of a mortgage upon real or personal property owned by a person described in section 28-3-1402 at the commencement of state military service or state defense force active duty, which obligation originated prior to the person's service or duty and is still owed by the person during the period of service or duty.

Source: L. 2002: Entire part added, p. 692, § 1, effective July 1. L. 2003: Entire section amended, p. 2000, § 60, effective May 22.