Colorado § 15-12-809 - Secured claims.
Full text of Colorado Colorado Revised Statutes § 15-12-809 — Secured claims., with citation guidance and answers to common questions.
§ 15-12-809. Secured claims.
(1) Payment of a secured claim is upon the basis of the amount allowed if the creditor surrenders his security; otherwise payment is upon the basis of one of the following:
(a) If the creditor exhausts his security before receiving payment, (unless precluded by other law) upon the amount of the claim allowed less the fair value of the security; or
(b) If the creditor does not have the right to exhaust his security or has not done so, upon the amount of the claim allowed less the value of the security determined by converting it into money according to the terms of the agreement pursuant to which the security was delivered to the creditor, or by the creditor and personal representative by agreement, arbitration, compromise, or litigation.
(2) A claim for a decedent's proportionate share of liability for a secured debt, made by a third party who is jointly liable with the decedent to the secured creditor, based on the third party's right to contribution from the decedent, shall be reduced by the fair market value, as of the date of death, of the decedent's interest in the property securing the debt, if the property securing the debt is owned by the decedent and not subject to disposition by will or intestate succession at the time of death, and if the decedent's interest passed to the third party on decedent's death.
Source: L. 73: R&RE, p. 1595, § 1. C.R.S. 1963: § 153-3-809. L. 91: Entire section amended, p. 1449, § 11, effective July 1.
ANNOTATION
Law reviews. For article, "Decedents' Creditors and Nonprobate Assets", see 15 Colo. Law. 2190 (1986).
Frequently Asked Questions About Colorado § 15-12-809
What does Colorado Revised Statutes § 15-12-809 cover?
Section 15-12-809 ("Secured claims.") 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 § 15-12-809?
A common citation format is "Colorado Revised Statutes § 15-12-809" (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 § 15-12-809 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.