§ 42-4-2108 — Proceeds of sale

Colorado § 42-4-2108

• Jurisdiction: Colorado
• Title 42: Vehicles and
• Art.: Regulation of Vehicles and Traffic

Text

(1) (a) If the sale of any motor vehicle, personal
property, and attached accessories or equipment under the provisions of section
42-4-2104 produces an amount less than or equal to the sum of all charges of the
operator, then the operator has a valid claim against the owner for the full amount
of the charges, less the amount received upon the sale of such motor vehicle. An
operator does not have a valid claim if the operator has violated section 40-10.1-405.

(b) Failure to register a vehicle in accordance with this title 42 is deemed a
waiver of the owner's right to be notified pursuant to this part 21. Charges specified
in subsection (1)(a) of this section are assessed in accordance with subsection (2)(a)
of this section.

(2) If the sale of any motor vehicle and its attached accessories or equipment
under the provisions of section 42-4-2104 produces an amount greater than the
sum of all charges of the operator who has perfected the operator's lien:

(a) The proceeds shall first satisfy the operator's reasonable costs and fees
arising from the sale of the motor vehicle pursuant to section 42-4-2104 and the
cost and fees of towing and storing the abandoned motor vehicle with a maximum
charge that is specified in rules promulgated by the public utilities commission that
govern nonconsensual tows by towing carriers.

(a.5) In the case of the sale of an abandoned motor vehicle described in
section 42-4-2102 (1)(d), any balance remaining after payment pursuant to
paragraph (a) of this subsection (2) shall be paid to the law enforcement agency
that is owed a fee for the court-ordered placement of an immobilization device on
the motor vehicle pursuant to section 42-4-1105.

(b) Repealed.

(c) (I) The operator shall pay any balance remaining after making the
payment required in subsection (2)(a.5) of this section in accordance with the
following:

(A) First, to any lienholder of record as the lienholder's interest may appear
upon the records of the department;

(B) Second, to any owner of record as the owner's interest may so appear;
and

(C) Third, to any person submitting proof of the person's interest in the motor
vehicle upon the application of the lienholder, owner, or person.

(II) One hundred twenty days after the sale of the abandoned motor vehicle,
the operator shall transfer the balance, after making the payment required under
subsections (2)(a) to (2)(c)(I) of this section, to the state treasurer, who shall credit
the same to the unclaimed property trust fund, created in section 38-13-801, and
disposed of in accordance with article 13 of title 38.

Legislative History

Source: L. 2002: Entire part added with relocated provisions, p. 483, � 2, effective July 1. L. 2005: (2)(c) amended, p. 150, � 29, effective April 5. L. 2006: (2)(a.5) added and (2)(b) amended, p. 172, � 5, effective July 1. L. 2009: (2)(b) amended, (HB 09-1279), ch. 170, p. 769, � 12, effective August 5. L. 2022: (1), IP(2), and (2)(c) amended and (2)(b) repealed, (HB 22-1314), ch. 416, p. 2934, � 6, effective August 10.