Colorado § 18-5-505 Failure to pay over proceeds unlawful

Colorado Statutes

§ 18-5-505 — Failure to pay over proceeds unlawful

Colorado·Title 18 Criminal·Art. Offenses Involving Fraud

(1)When, under the terms of an instrument creating a security interest in personal property, as security interest is defined in section 4-1-201 (b)(35), the person giving the security interest and retaining possession of the encumbered property and having liberty of sale or other disposition, is required to account to the secured creditor for the proceeds of the sale or other disposition, and willfully and wrongfully fails to pay to the secured creditor the amounts due on account thereof, the person giving the security interest commits failure to pay over proceeds.

(2)Failure to pay over proceeds is:

(a)A petty offense if the amount is less than three hundred dollars;

(b)A class 2 misdemeanor if the amount is three hundred dollars or more but less than one thousand dollars;

Free access — add to your briefcase to read the full text and ask questions with AI

(1) When, under the terms
of an instrument creating a security interest in personal property, as security
interest is defined in section 4-1-201 (b)(35), the person giving the security interest
and retaining possession of the encumbered property and having liberty of sale or
other disposition, is required to account to the secured creditor for the proceeds of
the sale or other disposition, and willfully and wrongfully fails to pay to the secured
creditor the amounts due on account thereof, the person giving the security interest
commits failure to pay over proceeds.

(2) Failure to pay over proceeds is:

(a) A petty offense if the amount is less than three hundred dollars;

(b) A class 2 misdemeanor if the amount is three hundred dollars or more but
less than one thousand dollars;

(c) A class 1 misdemeanor if the amount is one thousand dollars or more but
less than two thousand dollars;

(d) A class 6 felony if the amount is more than two thousand dollars but less
than five thousand dollars;

(e) A class 5 felony if the amount is five thousand dollars or more but less
than twenty thousand dollars;

(f) A class 4 felony if the amount is twenty thousand dollars or more but less
than one hundred thousand dollars;

(g) A class 3 felony if the amount is one hundred thousand dollars or more
but less than one million dollars; and

(h) A class 2 felony if the amount is one million dollars or more.

Colorado § 18-5-505 (Failure to pay over proceeds unlawful) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Source: L. 71: R&RE, p. 445, � 1. C.R.S. 1963: � 40-5-505. L. 89: Entire section amended, p. 836, � 64, effective July 1. L. 98: Entire section amended, p. 797, � 10, effective July 1. L. 2006: Entire section amended, p. 503, � 47, effective September 1. L. 2007: Entire section amended, p. 1695, � 12, effective July 1. L. 2021: Entire section amended, (SB 21-271), ch. 462, p. 3188, � 248, effective March 1, 2022.