C.R.S. § 39-11.5-112: Treatment of overbid - agreement to assist in recovery of overbid.

(1) Upon the expiration of the claim for overbid money period provided in section 39-11.5-301, any remaining overbid must be paid in order of recording priority to junior lienors, who have duly filed a claim for overbid money pursuant to section 39-11.5-303, in each case up to the unpaid amount of each such junior lienor's lien plus allowable fees and costs. A junior lienor holding a lien that is not entitled to claim an overbid money by virtue of being recorded after the application for treasurer's deed or a lienor that has not timely filed a claim for overbid money pursuant to section 39-11.5-303 does not have any claim to any portion of the overbid. After payment to all junior lienors entitled to receive a portion of the overbid pursuant to this section, any remaining overbid money must be paid to the property owner.

(2) (a) If a treasurer maintains a website for their office, the treasurer shall include the following statement on the website:

NOTICE TO A PROPERTY OWNER: If your property goes to a public auction and is purchased for more than the total owed to the lawful holder and to all other junior lien holders, please contact the treasurer's office after the public auction because you may have money due to you.

(b) To pay the property owner as required pursuant to this subsection (2), a treasurer shall send a notice to the property owner. If the amount of remaining overbid is equal to or greater than twenty-five dollars, the treasurer shall make reasonable efforts to identify the property owner's current mailing address. The treasurer shall mail by first-class mail to the property owner a notice regarding the remaining overbid to the best available address no later than thirty calendar days after the expiration of the claim for overbid money period as provided in section 39-11.5-303 (2).

(c) Any agreement to pay compensation to recover or assist in recovering an unclaimed overbid transferred to the administrator under this section or to the county treasurer per a county resolution is enforceable if the compensation to be paid under the terms of the agreement does not exceed ten percent of the amount of the overbid money and if entered into at least two years after the date of the transfer.

(3) (a) The treasurer shall hold any unclaimed remaining overbid from a public auction in escrow for two years from the date of the public auction. The treasurer is answerable to any person legally entitled to the money without interest at any time within the two-year period. Any interest earned on the escrowed money must be paid to the county at least annually. Remaining overbid claims that are for less than twenty-five dollars and that are not claimed within six months from the date of the public auction must be paid to the general fund of the county, and the money paid to the general fund of the county becomes the property of the county. Remaining overbid claims for amounts that are equal to or greater than twenty-five dollars and that are not claimed within two years from the date of the public auction may be unclaimed property for purposes of the "Revised Uniform Unclaimed Property Act", article 13 of title 38, and must be transferred to the state treasurer in accordance with article 13 of title 38. After unclaimed remaining overbid money is transferred to the state treasurer or to the general fund of the county, the treasurer is discharged from any further liability or responsibility for the money.

(b) If the unclaimed remaining overbid money exceeds five hundred dollars and has not been claimed by any person entitled thereto within sixty calendar days after the expiration of the claim for overbid money period provided by section 39-11.5-303 (2), the treasurer shall, within ninety calendar days after the expiration of the claim for overbid money period, publish a notice, one time only, in a newspaper of general circulation in the county where the property is located. The notice must contain the name of the property owner, the property owner's address as given in the certificate of purchase, and the legal description and street address, if any, of the property sold at the public auction. The notice must state that an overbid was realized from the public auction and that, unless the overbid is claimed by the property owner or other person entitled thereto within two years after the public auction, the money will be transferred to the state treasurer for disposition in accordance with the "Revised Uniform Unclaimed Property Act", article 13 of title 38. The treasurer shall also mail by first-class mail a copy of the notice to the property owner at the best available address.

(c) The fees and costs of publication and mailing required pursuant to this subsection (3) must be paid from the overbid escrowed by the treasurer.