§ 4-2.5-506 — Statute of limitations

Colorado § 4-2.5-506

• Jurisdiction: Colorado
• Title 04: Uniform
• Art.: Leases

Text

(1) An action for default under a lease
contract, including breach of warranty or indemnity, must be commenced within the
time period prescribed in section 13-80-101, C.R.S. This period of limitation may not
be varied by agreement of the parties.

(2) A cause of action for default accrues when the act or omission on which
the default or breach of warranty is based is or should have been discovered by the
aggrieved party, or when the default occurs, whichever is later. A cause of action
for indemnity accrues when the act or omission on which the claim for indemnity is
based is or should have been discovered by the indemnified party, whichever is
later.

(3) If an action commenced within the time limited by subsection (1) of this
section is so terminated as to leave available a remedy by another action for the
same default or breach of warranty or indemnity, the other action may be
commenced after the expiration of the time limited and within 6 months after the
termination of the first action unless the termination resulted from voluntary
discontinuance or from dismissal for failure or neglect to prosecute.

(4) This section does not alter the law on tolling of the statute of limitations
nor does it apply to causes of action that have accrued before this article becomes
effective.

Legislative History

Source: L. 91: Entire article added, p. 303, � 1, effective July 1, 1992.