Colorado § 38-38-304 - Effect of redemption.

§ 38-38-304. Effect of redemption.

(1) and (2) (Deleted by amendment, L. 2006, p. 1471, § 22; L. 2007, p. 1849, § 27, effective January 1, 2008.)

(3) If redemption is made by a lienor, the certificate of redemption, duly recorded, operates as an assignment to the lienor of the estate and interest acquired by the purchaser at the sale, subject to the rights of omitted parties as defined in section 38-38-506 (1) and persons who may be entitled subsequently to redeem.

Source: L. 90: Entire article R&RE, p. 1666, § 2, effective October 1. L. 2006: Entire section amended, p. 1471, § 22, effective January 1, 2008.

Editor's note: (1) This section is similar to former § 38-39-105, as it existed prior to 1990.

(2) The effective date for amendments made to this section 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.)

ANNOTATION

Law reviews. For article, "Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado", see 14 Dicta 5 (1936). For note on the act original which inserted this section, see 28 Dicta 176 (1951). For article, "Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado", see 28 Dicta 437 (1951). For article, "Forms Committee Presents Additional Standard Pleading Samples for Use in Foreclosures Through Public Trustee", see 29 Dicta 1 (1952). For article, "Statutory Redemption in Colorado", see 30 Dicta 79 (1953).

Annotator's note. Since § 38-38-304 is similar to § 38-39-105 as it existed prior to the 1990 repeal and reenactment of this article and article 39, relevant cases construing that provision have been included in the annotations to this section.

Lienor cannot be divested of the rights that flow from redemption once payment of the redemption amount has been lawfully made to the public trustee or sheriff in accordance with the statute. Accordingly, the redemption rights of the assignee of a judgment creditor could not be extinguished by a subsequent satisfaction of the judgment. WYSE Fin. Servs., Inc. v. Nat'l Real Estate Inv., LLC, 92 P.3d 918 (Colo. 2004).

Applied in Norman, Inc. v. Holman, 105 Colo. 294, 97 P.2d 739 (1939); Home Owners' Loan Corp. v. Meyer, 110 Colo. 501, 136 P.2d 282 (1943).