§ 38-20-109 — Lienor may sell - procedure

Colorado § 38-20-109

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Lien on Personal Property

Text

(1) When the lienor has received a
judgment and after giving ten days' prior notice of the time and place of such sale,
with a description of the property to be sold, by one publication in some newspaper
published in the county wherein he or she resides or, if there is no such newspaper,
by posting in three public places within such county and after delivering to the
owner of such personal property or, if he or she does not reside in the county,
transmitting by mail to him or her at his or her usual place of abode, if known, a
copy of such notice, he or she may proceed to sell all such personal property, or so
much thereof as may be necessary, at public auction, for cash in hand, at any public
place within such county between the hours of 10 a.m. and 4 p.m. of the day
appointed. From the proceeds thereof he or she may pay the reasonable costs of
such foreclosure, notice, and sale and any necessary and reasonable charges for
the preserving, maintaining, feeding, boarding, or caring for the property on which
he or she has a lien, together with the reasonable cost of keeping such property up
to the time of sale, but the reasonable costs of keeping such property up to the
time of sale shall not exceed ninety dollars. He or she shall render the residue of
the proceeds and of the property unsold to the owner.

(2) Where property upon which the lien is being foreclosed is in danger of
serious and immediate decay or waste or is likely to depreciate rapidly in value
pending the determination of the issue or where the keeping of it will be attended
with great expense, the lienholder, as plaintiff to the action, may apply to the court,
upon due notice as the court may direct, for a sale thereof; and, thereupon, the
court in its discretion may order the property sold in the manner provided for in said
order, and the proceeds of said sale shall be deposited with the clerk of the court to
abide the further order of the court. Upon application for such order for sale, the
court in its discretion, upon good cause shown, may require the plaintiff to give
bond in an amount to be fixed by the court for the payment to the defendant of
such amount as the defendant may be entitled to for damages sustained by the
defendant in the event of wrongful foreclosure. The bond shall be secured by two or
more sureties, by one corporate surety authorized to do business in this state, or by
cash bond, to be approved by the court.

Legislative History

Source: L. 1883: p. 238, � 6. G.S. � 2123. R.S. 08: � 4018. C.L. � 6435. CSA: C. 101, � 8. CRS 53: � 86-1-8. C.R.S. 1963: � 86-1-8. L. 75: Entire section amended, p. 1417, � 3, effective April 24. L. 77: Entire section amended, p. 1710, � 5, effective May 18. L. 2005: (1) amended, p. 638, � 5, effective May 27.