§ 38-29-135 — Second or other junior mortgages

Colorado § 38-29-135

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Titles to Manufactured Homes

Text

(1) On and after July 1, 1977,
any person who takes a second or other junior mortgage on a manufactured home
for which a Colorado certificate of title has been issued may file said mortgage for
public record and have the existence thereof noted on the certificate of title with
like effect as in other cases, in the manner prescribed in this section.

(2) Such second or junior mortgagee or the holder thereof shall file said
mortgage with the authorized agent of the county wherein the manufactured home
is located and shall accompany said mortgage with a written request to have the
existence thereof noted on the certificate of title to the manufactured home
covered thereby, subscribed by such mortgagee or holder, in which shall appear the
names and addresses of the holders of all outstanding mortgages against the home
described in said second or junior mortgage and the name and address of the
person in possession of the certificate of title thereto. Upon the filing of such
mortgage, the authorized agent shall note thereon the day and hour on which such
mortgage was received by him and shall make and deliver a receipt therefor to the
person filing the same.

(3) The authorized agent, by registered mail, return receipt requested, shall
make a written demand on the holder of the certificate of title, addressed to such
person at his address as the same may appear in said written request, that such
certificate be delivered to the authorized agent for the purpose of having noted
thereon such second or junior mortgage. Within fifteen days after the receipt of
such demand, the person holding such certificate shall either mail or deliver the
same to such authorized agent or, if he no longer has possession thereof, shall so
notify the agent and, if he knows, shall likewise inform him where and from whom
such certificate may be procured. Upon the receipt of such certificate, the
authorized agent shall complete his application for a new title and record the
number thereof on the mortgage, as in the case of a first mortgage, and shall
thereafter transmit the current certificate of title and application for a new
certificate of title to the director. Upon the receipt thereof, the director, as in the
case of a first mortgage, shall thereupon issue a new certificate of title on which
the existence of all mortgages on the manufactured home, including such second
or junior mortgage, have been noted, which certificate he shall dispose of as in
other cases.

(4) If any person lawfully in possession of a certificate of title to any
manufactured home upon whom demand is made for the delivery thereof to the
authorized agent omits, for any reason whatsoever, to deliver or mail the same to
the authorized agent, such person shall be liable to the holder of such second or
junior mortgage for all damage sustained by reason of such omission.

Legislative History

Source: L. 83: Entire article added, p. 1459, � 1, effective June 15.