C.R.S. Section 38-38-113
Rescission of public trustee sale

(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later than eight business days after the date of the sale a notice of rescission of sale stating that the sale is being rescinded, the number and date of the sale, the name of the person to whom the certificate of purchase was issued, the name of the assignee, if any, the recording date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)

Intentionally left blank —Ed.

(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.

Source: Section 38-38-113 — Rescission of public trustee sale, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-38.­pdf (accessed Oct. 20, 2023).

38‑38‑100.3
Definitions 38‑38‑101
Holder of evidence of debt may elect to foreclose 38‑38‑102
Recording notice of election and demand - record of sale 38‑38‑102.5
Notice prior to residential foreclosure - hotline 38‑38‑103
Combined notice - publication - providing information 38‑38‑103.1
Single point of contact - servicer to designate - duties - exemption 38‑38‑103.2
Dual tracking prohibited - notice to officer - continuation of sale pending inquiry 38‑38‑104
Right to cure when default is nonpayment - right to cure for certain technical defaults 38‑38‑105
Court order authorizing sale mandatory - notice of hearing for residential properties - definition 38‑38‑106
Bid required - form of bid 38‑38‑107
Fees and costs - definitions 38‑38‑108
Date of sale 38‑38‑109
Continuance of sale - effect of bankruptcy - withdrawal of sale 38‑38‑110
Sales by officer - location - announcement - records - electronic devices - definitions 38‑38‑111
Treatment of an overbid - agreements to assist in recovery of overbid prohibited - penalty - definition 38‑38‑112
Use of electronic documents authorized 38‑38‑113
Rescission of public trustee sale 38‑38‑114
Unclaimed refunds - disposition under “Revised Uniform Unclaimed Property Act” 38‑38‑201
Foreclosure of installments without acceleration 38‑38‑301
Holder of certificate of purchase paying charges - redemption 38‑38‑302
Redemption by lienor - procedure 38‑38‑304
Effect of redemption 38‑38‑305
Lessee, easement holder, and installment land contract vendor considered as lienors - installment land contract vendee considered as an owner 38‑38‑306
Rights of other lienors to redeem - definition 38‑38‑401
Certificate of purchase - issuance 38‑38‑401.5
Certificate - priority of lien 38‑38‑402
Certificate of redemption - issuance 38‑38‑403
Certificates assignable 38‑38‑405
Certificate as prima facie evidence 38‑38‑501
Title vests upon expiration of redemption periods - confirmation deed 38‑38‑502
Form of confirmation deed for public trustee’s sale 38‑38‑503
Form of confirmation deed for sheriff’s sale 38‑38‑504
Deed evidence of compliance 38‑38‑505
Effect of foreclosures as to certain classes of persons 38‑38‑506
Omitted parties - definitions 38‑38‑601
Receiver appointed upon application 38‑38‑602
Appointment of receiver to prevent waste 38‑38‑701
Application - use of term “foreclosure” 38‑38‑702
Limitation of officer’s liability 38‑38‑703
No waiver of or agreement to shorten right to cure 38‑38‑704
Providing information to homeowner and public 38‑38‑705
Curative provisions
Green check means up to date. Up to date

Current through Fall 2024

§ 38-38-113’s source at colorado​.gov