§ 38-29-131 — Release of mortgages

(1) Upon the payment or discharge of the
undertaking secured by any mortgage on a manufactured home that has been filed
for record and noted on the certificate of title in the manner prescribed in section
38-29-128, the legal holder of the certificate of title, in a place to be provided
therefor, shall make and execute such notation of the discharge of the obligation
and release of the mortgage securing the same and set forth therein such facts
concerning the right of the holder to so release said mortgage as the director may
require by appropriate rule, which satisfaction and release shall be affirmed by a
statement signed by the legal holder of the certificate of title and shall contain or
be accompanied by a written declaration that it is made under the penalties of
perjury in the second degree, as defined in section 18-8-503, C.R.S. Thereupon,
except as otherwise provided in section 38-29-112 (1.7), the holder of the mortgage
so released shall dispose of the certificate of title as follows:

(a) If it appears from an examination of the certificate of title that the
manufactured home therein described is subject to an outstanding junior mortgage
or mortgages filed for record subsequent to August 1, 1949, the holder shall deliver
the certificate of title to the person so shown to be the holder of the mortgage
which was filed earliest in point of time after the filing of the mortgage released or
to the person or agent of the person shown to be the assignee or other legal holder
of the undertaking secured thereby or shall mail the same to such mortgagee or
holder thereof at his address as the same thereon appears. If such certificate is
returned unclaimed, it shall thereupon be mailed to the director.

(b) If it appears from an examination of the certificate of title that there are
no other outstanding mortgages against the manufactured home therein described,
filed for record subsequent to August 1, 1949, upon the release of such mortgage
as provided in this section, the holder thereof shall deliver the certificate of title to
the owner of the home therein described or shall mail the same to him at his
address as the same may therein appear. If for any reason said certificate of title is
not delivered to the owner of the home therein described or is returned unclaimed
upon the mailing thereof, it shall thereupon be mailed to the director.

Legislative History

Source: L. 83: Entire article added, p. 1458, � 1, effective June 15. L. 89: IP(1) amended, p. 1573, � 7, effective January 1, 1990. L. 2004: IP(1) amended, p. 868, � 3, effective August 4.