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Property – Real and Personal
Time Share Ownership of Condominium Units
38-33-110. Time-sharing – definitions.
As used in this section and section 38-33-111, unless the context otherwise requires:
(1) (a) “Interval estate” means a combination of:
(I) An estate for years terminating on a date certain, during which years title to a time share unit circulates among the interval owners in accordance with a fixed schedule, vesting in each such interval owner in turn for a period of time established by the said schedule, with the series thus established recurring annually until the arrival of the date certain; and
(II) A vested future interest in the same unit, consisting of an undivided interest in the remainder in fee simple, the magnitude of the future interest having been established by the time of the creation of the interval estate either by the project instruments or by the deed conveying the interval estate. The estate for years shall not be deemed to merge with the future interest, but neither the estate for years nor the future interest shall be conveyed or encumbered separately from the other.
(b) “Interval estate” also means an estate for years as described in subparagraph (I) of paragraph (a) of this subsection (1) where the remainder estate, as defined either by the project instruments or by the deed conveying the interval estate, is retained by the developer or his successors in interest.
(2) “Interval owner” means a person vested with legal title to an interval estate.
(3) “Interval unit” means a unit the title to which is or is to be divided into interval estates.
(4) “Project instruments” means the declaration, the bylaws, and any other set of restrictions or restrictive covenants, by whatever name denominated, which limit or restrict the use or occupancy of condominium units. “Project instruments” includes any lawful amendments to such instruments. “Project instruments” does not include any ordinance or other public regulation governing subdivisions, zoning, or other land use matters.
(5) “Time share estate” means either an interval estate or a time-span estate.
(6) “Time share owner” means a person vested with legal title to a time share estate.
(7) “Time share unit” means a unit the title to which is or is to be divided either into interval estates or time-span estates.
(8) “Time-span estate” means a combination of:
(a) An undivided interest in a present estate in fee simple in a unit, the magnitude of the interest having been established by the time of the creation of the time-span estate either by the project instruments or by the deed conveying the time-span estate; and
(b) An exclusive right to possession and occupancy of the unit during an annually recurring period of time defined and established by a recorded schedule set forth or referred to in the deed conveying the time-span estate.
(9) “Time-span owner” means a person vested with legal title to a time-span estate.
(10) “Time-span unit” means a unit the title to which is or is to be divided into time-span estates.
(11) “Unit owner” means a person vested with legal title to a unit, and, in the case of a time share unit, “unit owner” means all of the time share owners of that unit. When an estate is subject to a deed of trust or a trust deed, “unit owner” means the person entitled to beneficial enjoyment of the estate and not to any trustee or trustees holding title merely as security for an obligation.
38-33-111. Special provisions applicable to time share ownership.
(1) No time share estates shall be created with respect to any condominium unit except pursuant to provisions in the project instruments expressly permitting the creation of such estates. Each time share estate shall constitute for all purposes an estate or interest in real property, separate and distinct from all other time share estates in the same unit or any other unit, and such estates may be separately conveyed and encumbered.
(3) With respect to each time share unit, each owner of a time share estate therein shall be individually liable to the unit owners’ association or corporation for all assessments, property taxes both real and personal, and charges levied pursuant to the project instruments against or with respect to that unit, and such association or corporation shall be liable for the payment thereof, except to the extent that such instruments provide to the contrary. However, with respect to each other, each time share owner shall be responsible only for a fraction of such assessments, property taxes both real and personal, and charges proportionate to the magnitude of his undivided interest in the fee to the unit.
(4) No person shall have standing to bring suit for partition of any time share unit except in accordance with such procedures, conditions, restrictions, and limitations as the project instruments and the deeds to the time share estates may specify. Upon the entry of a final order in such a suit, it shall be conclusively presumed that all such procedures, conditions, restrictions, and limitations were adhered to.
(5) In the event that any condemnation award, any insurance proceeds, the proceeds of any sale, or any other sums shall become payable to all of the time share owners of a unit, the portion payable to each time share owner shall be proportionate to the magnitude of his undivided interest in the fee to the unit.
Limitation of Actions Affecting Real Property
38-41-110. Payment of delinquent taxes by owner of less than whole property.
The owner of not less than one-tenth undivided interest in real property which he has owned not less than one year may pay and the county treasurer shall receive from him all delinquent taxes due upon the entire or any other fractional interests therein by redemption from prior or subsequent tax sales or by payment of any taxes which are delinquent, or otherwise, and if at the time of such payment he records with the county clerk and recorder a statement describing the property and showing the payment of such taxes under this article, he shall be subrogated to the first and prior lien of the state of Colorado for such taxes and may foreclose such lien at any time after four years from the date when any part of the taxes so paid first became delinquent, in the same manner and with like remedies as a first mortgage; or he shall be entitled to have any such payment allowed as a setoff in any accounting with any other person interested in such property, whether under the provisions of article 44 of title 34, C.R.S., or otherwise. The owner of any other fractional interest may at any time prior to foreclosure pay to the treasurer his pro rata share of such payments, with interest and recording fees which shall be repaid to the lien claimant and for which a redemption certificate shall issue, which, when recorded, shall release such interest from such lien.
Rights of co-owners under this section distinguished from right of redemption. Unlike the right of an interest holder to redeem under § 39-12-103, the right granted to certain co-owners to pay delinquent taxes under this section does not result in issuance of a redemption certificate or acquisition of an interest in the delinquent co-owner’s estate. Rather, the paying co-owner is granted the right to foreclose the lien for unpaid taxes. Notch Mountain Corp. v. Elliott, 898 P.2d 550 (Colo. 1995)
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