§ 38-38-602 — Appointment of receiver to prevent waste

Colorado § 38-38-602

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

Text

(1) During the
period of redemption, the owner of the premises or the person in possession shall
not commit waste, and the purchaser shall have such action or remedy for waste,
including injunction, as he would have as owner of the premises. During such period,
the owner of the premises shall keep the premises in repair, shall use reasonable
diligence to continue to keep the premises yielding an adequate income, and shall
pay current taxes before a penalty accrues and interest becomes due on any prior
encumbrance, keep the premises insured for the protection of the holder of the
certificate of purchase, and, in case of a leasehold, pay the rent and other sums due
under the lease, and failure to do so shall constitute waste. In case of waste
committed or danger of waste or an actual probability of the security being
rendered inadequate, a receiver may be appointed to take possession and preserve
the property at any time after the sale under such foreclosure. A receiver appointed
before the sale shall continue after sale unless otherwise directed by the court.

(2) If the facts would justify the appointment of a receiver under this section
but one is not applied for and if the premises are abandoned by the owner thereof,
the purchaser may take possession and shall be subject to the same duties and
liabilities for the care of the premises and for the application of the rents and
profits as would a receiver.

(3) Nothing in this article shall restrict the power of the court in the
appointment of a receiver pursuant to existing law or pursuant to agreement
between the parties.

Legislative History

Source: L. 90: Entire article R&RE, p. 1674, � 2, effective October 1.