§ 38-38-305.5 — Persons considered as lienors - redemption of property

Colorado § 38-38-305.5

• Jurisdiction: Colorado
• Title 38: Property -
• Art.: Foreclosure Sales

Text

(1)
(a) For the purpose of this article 38, the following people are deemed alternate
lienors without a lien amount:

(I) The unit owner that has an interest appearing by an instrument recorded
in the office of the clerk and recorder of the county prior to the recording of the lis
pendens is the first priority;

(II) A tenant of the unit, if the tenancy commenced prior to the recording of
the lis pendens and if the lease is not recorded, is the second priority;

(III) A nonprofit entity that has a primary purpose to develop or preserve
affordable housing is the third priority;

(IV) A community land trust is the fourth priority;

(V) A cooperative housing corporation formed pursuant to article 33.5 of this
title 38 is the fifth priority; and

(VI) The state of Colorado or a political subdivision of the state of Colorado is
the sixth priority.

(b) An alternate lienor's ability to redeem the property is subject to:

(I) A lienor that holds evidence of debt secured by the property; or

(II) A person that is deemed a lienor under section 38-38-305.

(c) If an alternate lienor redeems after the redemption of a lessee or
easement holder, the alternate lienor, in acquiring the property, takes the property
subject to the lease or easement.

(2) This section does not affect the rights under this article 38 of a lessee
whose residential lease is recorded.

(3) This section applies to the foreclosure of a lien in a unit in a common
interest community by an association, as defined in section 38-33.3-103 (3).

Legislative History

Source: L. 2024: Entire section added, (HB 24-1337), ch. 422, p. 2886, � 7, effective August 7.