Colorado § 38-37-113 - Checking account - custodial funds.

§ 38-37-113. Checking account - custodial funds.

(1) In the performance of his or her duties under this article and article 38 of this title, the public trustee of each county shall have the authority to establish and manage one or more of the following accounts: An automated clearing house account, checking account, escrow account, custodial account, similar banking services, or similar overnight depository account with a bank or savings and loan association that is an eligible public depository under the "Public Deposit Protection Act", article 10.5 of title 11, C.R.S., or the "Savings and Loan Association Public Deposit Protection Act", article 47 of title 11, C.R.S. A public trustee may also participate in local government investment pool trust funds as described in part 7 of article 75 of title 24, C.R.S., and invest public funds in eligible money market mutual funds described in part 6 of article 75 of title 24, C.R.S.

(2) Other than fees and costs, which shall be governed by section 38-37-104, all moneys received by a public trustee for the purposes of a cure, a bid, excess proceeds, or a redemption under article 38 of this title shall be held as custodial funds for the party entitled to receive such moneys. Any moneys that a holder of an evidence of debt is entitled to receive may be transmitted electronically to the attorney for the holder in the manner set forth in a memorandum of understanding between the attorney for the holder and the public trustee. All electronic transmission fees and costs between the office of the public trustee and the attorney for the holder shall be an additional fee and cost of the foreclosure.

(3) Nothing in this section shall lessen or otherwise modify the immunities and protections extended by law to public trustees and any governmental entity with which public trustees are associated. No contractual relationship shall be deemed to exist between a public trustee and a party entitled to receive moneys as described under subsection (2) of this section.

Source: L. 2002: Entire section added, p. 1333, § 5, effective July 1. L. 2006: (1) amended, p. 560, § 4, effective August 7; (1) and (2) amended, p. 1437, § 5, effective January 1, 2008.

Editor's note: The effective date for amendments made to subsections (1) and (2) by chapter 305, Session Laws of Colorado 2006, was changed from July 1, 2007, to January 1, 2008, by section 27 of chapter 404, Session Laws of Colorado 2007. (See L. 2007, p. 1849.)

ARTICLE 38

Foreclosure Sales

PART 1

FORECLOSURE SALE

38-38-100.3. Definitions.

38-38-101. Holder of evidence of debt may elect to foreclose.

38-38-102. Recording notice of election and demand - record of sale.

38-38-102.5. Notice prior to residential foreclosure - hotline.

38-38-103. Combined notice - publication - providing information.

38-38-103.1. Single point of contact - servicer to designate - duties - exemption.

38-38-103.2. Dual tracking prohibited - notice to officer - continuation of sale pending inquiry.

38-38-104. Right to cure when default is nonpayment - right to cure for certain technical defaults.

38-38-105. Court order authorizing sale mandatory - notice of hearing for residential properties - definition.

38-38-106. Bid required - form of bid.

38-38-107. Fees and costs - definitions.

38-38-108. Date of sale.

38-38-109. Continuance of sale - effect of bankruptcy - withdrawal of sale.

38-38-109.5. Continuance of sale - unit association lien - unit owner's motion to stay - escrow of proceeds - purchaser title.

38-38-110. Sales by officer - location - announcement - records - electronic devices - definitions.

38-38-111. Treatment of an overbid - agreements to assist in recovery of overbid prohibited - penalty - definition.

38-38-112. Use of electronic documents authorized.

38-38-113. Rescission of public trustee sale.

38-38-114. Unclaimed refunds - disposition under "Revised Uniform Unclaimed Property Act".

PART 2

FORECLOSURE BY INSTALLMENTS

38-38-201. Foreclosure of installments without acceleration.

PART 3

REDEMPTION

38-38-301. Holder of certificate of purchase paying charges - redemption.

38-38-302. Redemption by lienor - procedure - definition.

38-38-303. Time of redemption by lienor - repeal. (Repealed)

38-38-304. Effect of redemption.

38-38-305. Lessee, easement holder, and installment land contract vendor considered as lienors - installment land contract vendee considered as an owner.

38-38-305.5. Persons considered as lienors - redemption of property.

38-38-306. Rights of other lienors to redeem - definition.

PART 4

CERTIFICATES OF PURCHASE AND REDEMPTION

38-38-401. Certificate of purchase - issuance.

38-38-401.5. Certificate - priority of lien.

38-38-402. Certificate of redemption - issuance.

38-38-403. Certificates assignable.

38-38-404. Replacement certificate issued in case of loss of original - repeal. (Repealed)

38-38-405. Certificate as prima facie evidence.

PART 5

ISSUANCE OF PUBLIC TRUSTEE'S DEED, SHERIFF'S DEED, AND THE NATURE OF TITLE

38-38-501. Title vests upon expiration of redemption periods - confirmation deed - definition.

38-38-502. Form of confirmation deed for public trustee's sale.

38-38-503. Form of confirmation deed for sheriff's sale.

38-38-504. Deed evidence of compliance.

38-38-505. Effect of foreclosures as to certain classes of persons.

38-38-506. Omitted parties - definitions.

PART 6

RECEIVERS

38-38-601. Receiver appointed upon application.

38-38-602. Appointment of receiver to prevent waste.

PART 7

GENERAL PROVISIONS AND APPLICATION

38-38-701. Application - use of term "foreclosure".

38-38-702. Limitation of officer's liability.

38-38-703. No waiver of or agreement to shorten right to cure.

38-38-704. Providing information to homeowner and public.

38-38-705. Curative provisions.

PART 8

FORECLOSURE DEFERMENT

38-38-801 to

38-38-808. (Repealed)

PART 9

EXPEDITED SALE OF RESIDENTIAL PROPERTY

38-38-901 to

38-38-907. (Repealed)

PART 1

FORECLOSURE SALE

Law reviews: For article, "You've Got an Amicus Curiae in Me (Or Two)", see 51 Colo. Law. 30 (Mar. 2022).