§ 38-38-505 — Effect of foreclosures as to certain classes of persons

Colorado § 38-38-505

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

Text

(1) All
deeds of trust executed to a public trustee may be foreclosed by such public
trustee in the manner provided by section 38-38-101, notwithstanding the fact that
the indebtedness secured may constitute a claim against the estate of a deceased
person, a mental incompetent, or an incapacitated person and notwithstanding the
death, mental incompetency, or incapacity of one or more of the owners of the
property covered by the deed of trust.

(2) Any such foreclosure shall be good against a mental incompetent or
incapacitated person and against the heirs-at-law, legatees, devisees, creditors,
conservators, guardians, personal representatives, executors, and administrators of
any decedent or mental incompetent or incapacitated person and all persons
claiming by, through, or under such decedent or mental incompetent or
incapacitated person. The public trustee shall give notice of such foreclosure
proceedings, as provided by law, to the grantor in the deed of trust foreclosed at
the address stated therein, as though living and mentally competent, to all persons
having interests then of record, and to the lessee or lessees of the premises as
provided in section 38-38-305 (1.5). The public trustee shall not be required to give
notice of such foreclosure proceedings to any heir-at-law, legatee, devisee,
creditor, conservator, guardian, personal representative, executor, or administrator
of any decedent or mental incompetent or incapacitated person or to any person
claiming by, through, or under any decedent or mental incompetent or
incapacitated person unless the claim or interest of such person then appears of
record.

(3) The interest and claim in and to such real estate of all mental
incompetents or incapacitated persons and of all persons claiming by, through, or
under any mental incompetent, incapacitated person, or decedent, including minors
and incapacitated persons, shall be terminated and concluded by such foreclosure
unless they redeem from the foreclosure sale within the time prescribed by law.

Legislative History

Source: L. 90: Entire article R&RE, p. 1672, � 2, effective October 1; (2) amended, p. 1685, � 6, effective October 1.