Colorado § 11-42-122 - Limitation on withdrawals.
Full text of Colorado Colorado Revised Statutes § 11-42-122 — Limitation on withdrawals., with citation guidance and answers to common questions.
§ 11-42-122. Limitation on withdrawals.
(1) If an association has on file more withdrawal requests than can be met in full from current funds, the association shall apply to such withdrawals one-half of the monthly receipts, after first deducting the amount necessary to pay the actual and reasonable expenses incurred in the operation of the association and the protection of its assets and reserves set up by it for cash dividends on its shares; except that, should such one-half fail to retire at least five percent of the aggregate withdrawal requests, such portion of the other one-half shall be applied as shall be necessary to retire five percent of the total amount on withdrawal.
(2) "Receipts", as used in this section, means all funds coming into the hands of the association except borrowed money.
Source: L. 33: p. 322, § 6. CSA: C. 25, § 32. CRS 53: § 122-3-22. C.R.S. 1963: § 122-3-22.
Editor's note: The provisions within this section were renumbered on revision in 1998 to conform to statutory numbering format.
ANNOTATION
Annotator's note. Cases relevant to § 11-42-122, which were decided prior to its earliest source, L. 33, p. 322, § 6, have been included in the annotations to this section.
Withdrawals are payable in the order filed and, under the limitations of this section, a late comer may be refused payment for the time being. Hawley v. North Side Bldg. & Loan Ass'n, 11 Colo. App. 93, 52 P. 408 (1898).
Members have no priority. Certificates providing that the holder is a member of the association can have no priority in withdrawals. Exch. Nat'l Bank v. Receivers of City Sav. Bldg. & Loan Ass'n, 95 Colo. 498, 37 P.2d 394 (1934).
Offer to pay less than sum due constitutes refusal to pay and authorizes suit. Under this section, an offer by a building and loan association to pay to a withdrawing member a lesser sum than he is legally entitled to at the time his notice of withdrawal is complete is such a refusal to pay the sum actually owing, as would authorize the institution of a suit to compel payment. Enter. Bldg. & Loan Soc'y v. Bolin, 12 Colo. App. 304, 55 P. 740 (1898).
Section inapplicable to payment of a certificate of deposit. Dollar Bldg. & Loan Ass'n v. Shields, 93 Colo. 480, 27 P.2d 485 (1933).
Source: official Colorado text · Last verified 2026-08-27
Frequently Asked Questions About Colorado § 11-42-122
What does Colorado Revised Statutes § 11-42-122 cover?
Section 11-42-122 ("Limitation on withdrawals.") 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 § 11-42-122?
A common citation format is "Colorado Revised Statutes § 11-42-122" (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 § 11-42-122 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
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