(1)If the successful bidder at
a foreclosure sale is the holder of the evidence of debt foreclosing the deed of trust
or other lien, then such successful bidder, the bidder's attorney, the assignee of the
successful bidder pursuant to section 38-38-403, or the assignee's attorney may
rescind the sale without obtaining a court order by filing with the public trustee no
later than eight business days after the date of the sale a notice of rescission of
sale stating that the sale is being rescinded, the number and date of the sale, the
name of the person to whom the certificate of purchase was issued, the name of the
assignee, if any, the recording date and reception number or book and page number
for the recorded certificate of purchase, and the legal description of the property
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(1) If the successful bidder at
a foreclosure sale is the holder of the evidence of debt foreclosing the deed of trust
or other lien, then such successful bidder, the bidder's attorney, the assignee of the
successful bidder pursuant to section 38-38-403, or the assignee's attorney may
rescind the sale without obtaining a court order by filing with the public trustee no
later than eight business days after the date of the sale a notice of rescission of
sale stating that the sale is being rescinded, the number and date of the sale, the
name of the person to whom the certificate of purchase was issued, the name of the
assignee, if any, the recording date and reception number or book and page number
for the recorded certificate of purchase, and the legal description of the property
foreclosed. The notice shall be signed and properly acknowledged by the
successful bidder or assignee, or signed by the bidder or assignee's attorney. Upon
receipt of the notice of rescission of sale, any assignment of the certificate of
purchase, the public trustee's fee for the rescission specified in section 38-37-104,
and the costs of recording the notice of rescission of the sale, the public trustee
shall record the notice of rescission of sale in the county records.
(2) Upon recording of the notice of rescission of sale by the public trustee,
the certificate of purchase shall be deemed canceled as if the sale had not
occurred, and the evidence of debt and deed of trust shall be deemed fully
reinstated with the same lien priority as if the sale had not occurred. The public
trustee shall confirm the reinstatement by indorsement on the evidence of debt and
deed of trust or copy thereof submitted pursuant to section 38-38-101.
(3) Within ten calendar days after receipt of all documents and fees and
costs specified in subsection (1) of this section, the public trustee shall mail a copy
of the notice of rescission of sale to each person who was entitled to receive the
combined notice pursuant to section 38-38-103.
(4) (a) After the recording of the notice of rescission of sale, the holder of the
evidence of debt or the holder's assignee, or the attorney for the holder or the
assignee, may notify the public trustee in writing to reschedule the sale. The public
trustee shall set a new date of sale at least thirty calendar days but not more than
forty-five calendar days after the date on which the public trustee receives notice
to schedule a new date of sale, subject to the requirements of section 38-38-109
(2).
(b) No later than ten calendar days after receiving notice to schedule a new
date of sale, the public trustee shall mail a combined notice setting forth the
rescheduled date of sale to each person who was entitled to receive the combined
notice pursuant to section 38-38-103.
(c) No later than twenty calendar days after receiving notice to schedule a
new date of sale, but no less than ten calendar days prior to the new date of sale,
the public trustee shall publish the sale one time only.
(d) All fees and costs of the public trustee for actions performed under this
section and the cost of recording the notice of rescission of sale shall be part of the
foreclosure costs.
(e) After a sale has been rescinded and rescheduled pursuant to this
subsection (4), the sale may be continued in accordance with section 38-38-109
(1)(a).
(f) If a written request to reschedule the sale is not received by the public
trustee within one year of the recording of the notice of rescission, the foreclosure
must be withdrawn according to section 38-38-109 (3)(b).
(5) Nothing in this section shall prevent any person from seeking a rescission
of a sale through a court of competent jurisdiction.
(6) Claims for damages by any person arising out of a rescission of a sale
pursuant to this section shall be limited to the reasonable actual expenses of the
person and shall not include any speculative or expectation damages, awards, or
claims of any kind, whether legal or equitable.
(7) The indorsement of the public trustee pursuant to subsection (2) of this
section shall be in substantially the following form:
The undersigned, as Public Trustee for the county of _______________, state
of Colorado, by this indorsement, hereby confirms the reinstatement of this
(evidence of debt) (deed of trust) (lien) in accordance with the requirements of
section 38-38-113, Colorado Revised Statutes.
Date:
Signature:
Public Trustee
For the county of ,
State of Colorado.