Colorado § 42-4-2108 - Proceeds of sale.

§ 42-4-2108. Proceeds of sale.

(1) (a) If the sale of any motor vehicle, personal property, and attached accessories or equipment under the provisions of section 42-4-2104 produces an amount less than or equal to the sum of all charges of the operator, then the operator has a valid claim against the owner for the full amount of the charges, less the amount received upon the sale of such motor vehicle. An operator does not have a valid claim if the operator has violated section 40-10.1-405.

(b) Failure to register a vehicle in accordance with this title 42 is deemed a waiver of the owner's right to be notified pursuant to this part 21. Charges specified in subsection (1)(a) of this section are assessed in accordance with subsection (2)(a) of this section.

(2) If the sale of any motor vehicle and its attached accessories or equipment under the provisions of section 42-4-2104 produces an amount greater than the sum of all charges of the operator who has perfected the operator's lien:

(a) The proceeds shall first satisfy the operator's reasonable costs and fees arising from the sale of the motor vehicle pursuant to section 42-4-2104 and the cost and fees of towing and storing the abandoned motor vehicle with a maximum charge that is specified in rules promulgated by the public utilities commission that govern nonconsensual tows by towing carriers.

(a.5) In the case of the sale of an abandoned motor vehicle described in section 42-4-2102 (1)(d), any balance remaining after payment pursuant to paragraph (a) of this subsection (2) shall be paid to the law enforcement agency that is owed a fee for the court-ordered placement of an immobilization device on the motor vehicle pursuant to section 42-4-1105.

(b) Repealed.

(c) (I) The operator shall pay any balance remaining after making the payment required in subsection (2)(a.5) of this section in accordance with the following:

(A) First, to any lienholder of record as the lienholder's interest may appear upon the records of the department;

(B) Second, to any owner of record as the owner's interest may so appear; and

(C) Third, to any person submitting proof of the person's interest in the motor vehicle upon the application of the lienholder, owner, or person.

(II) One hundred twenty days after the sale of the abandoned motor vehicle, the operator shall transfer the balance, after making the payment required under subsections (2)(a) to (2)(c)(I) of this section, to the state treasurer, who shall credit the same to the unclaimed property trust fund, created in section 38-13-801, and disposed of in accordance with article 13 of title 38.

Source: L. 2002: Entire part added with relocated provisions, p. 483, § 2, effective July 1. L. 2005: (2)(c) amended, p. 150, § 29, effective April 5. L. 2006: (2)(a.5) added and (2)(b) amended, p. 172, § 5, effective July 1. L. 2009: (2)(b) amended, (HB 09-1279), ch. 170, p. 769, § 12, effective August 5. L. 2022: (1), IP(2), and (2)(c) amended and (2)(b) repealed, (HB 22-1314), ch. 416, p. 2934, § 6, effective August 10.