§ 38-22-131 — Substitution of bond allowed

Colorado § 38-22-131

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: General Mechanics' Lien

Text

(1) Whenever a mechanic's lien
has been filed in accordance with this article, the owner, whether legal or
beneficial, of any interest in the property subject to the lien may, at any time, file
with the clerk of the district court of the county wherein the property is situated a
corporate surety bond or any other undertaking which has been approved by a
judge of said district court.

(2) Such bond or undertaking plus costs allowed to date shall be in an
amount equal to one and one-half times the amount of the lien plus costs allowed
to date and shall be approved by a judge of the district court with which such bond
or undertaking is filed.

(3) The bond or undertaking shall be conditioned that, if the lien claimant
shall be finally adjudged to be entitled to recover upon the claim upon which his
lien is based, the principal or his sureties shall pay to such claimant the amount of
his judgment, together with any interest, costs, and other sums which such claimant
would be entitled to recover upon the foreclosure of the lien.

Legislative History

Source: L. 75: Entire section added, p. 1425, � 5, effective October 1.