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SB22-229

Release Deed Of Trust Without Evidence Of Debt

Concerning the conditions under which a public trustee shall release a deed of trust.
Session:
2022 Regular Session
Subjects:
Housing
Local Government
Bill Summary

Under current law, with limited exceptions, a public trustee must release a deed of trust upon the satisfaction of certain preconditions, one of which is the production of the original canceled evidence of debt such as a note or bond as evidence that the indebtedness secured by the deed of trust has been paid. To this requirement, section 1 of the bill adds another exception. That is, a holder of the original evidence of debt may request the release of a deed of trust without producing or exhibiting the original evidence of debt if the holder:

  • Agrees to indemnify and defend the public trustee against any claim for damages resulting from the action of the public trustee taken in accordance with the request;
  • Provides the public trustee a current address for the original grantor, assuming party, or current owner when requesting the release of the deed of trust; and
  • Files the request for the release of the deed of trust electronically via the county's electronic recording system.

Section 1 also removes language requiring a title insurance company to be "qualified" as well as licensed in Colorado for certain purposes relating to the release of a deed of trust.Section 2 makes necessary changes to the statutory form that is used to request a deed of trust without producing the evidence of debt.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

  • All Versions (7 )
    Date Bill Type Documents
    06/07/2022 Signed Act PDF
    05/25/2022 Final Act PDF
    05/10/2022 Rerevised PDF
    05/06/2022 Revised PDF
    04/29/2022 Reengrossed PDF
    04/28/2022 Engrossed PDF
    04/25/2022 Introduced PDF