CO Code § 38-38-302 (2021)
2021 Colorado Code|Title 38 - Property - Real and Personal|Article 38 - Foreclosure Sales|Part 3 - Redemption|§ 38-38-302. Redemption by Lienor - Procedure

  Requirements for redemption. A lienor or assignee of a lien is entitled to redeem if the following requirements are met to the satisfaction of the officer:   The lienor's lien is a deed of trust or other lien that is created or recognized by state or federal statute or by judgment of a court of competent jurisdiction;    The lien is a junior lien as defined in section 38-38-100.3 (11);    The lienor's lien appears by instruments that were duly recorded in the office of the clerk and recorder of the county prior to the recording of the notice of election and demand or lis pendens and the lienor is one of the persons who would be entitled to cure pursuant to section 38-38-104 (1), regardless of whether such lienor filed a notice of intent to cure. If, prior to the date and time of the recording of the notice of election and demand or lis pendens, a lien was recorded in an incorrect county, the holder's rights under this section shall be valid only if the lien is rerecorded in the correct county at least fifteen calendar days prior to the actual date of sale.    The lienor has, within eight business days after the sale, filed a notice with the officer of the lienor's intent to redeem. A lienor may file a notice of intent to redeem more than eight business days after sale if:   No lienor junior to the lienor seeking to file the late intent to redeem has redeemed;    The redemption period for the lienor seeking to file the late intent to redeem has not expired;    A redemption period has been created by the timely filing of a notice of intent to redeem; and    The notice of intent to redeem is accompanied by a written authorization from the attorney for the holder of the certificate of purchase according to the records of the officer conducting the sale, or, if no attorney is shown, then the holder of the certificate of purchase, or, if a redemption has occurred, from the immediately prior redeeming lienor, or the attorney for the immediately prior redeeming lienor, authorizing the officer to accept such notice of intent to redeem.       The lienor has attached to the notice of intent to redeem the original instrument and any assignment of the lien to the person attempting to redeem, or certified copies thereof, or in the case of a qualified holder, a copy of the instrument evidencing the lien and any assignment of the lien to the person attempting to redeem. If the original instrument is delivered to the officer, the officer shall return the instrument to the lienor and retain a copy.    The lienor has attached to the notice of intent to redeem a signed and properly acknowledged statement of the lienor, or a signed statement by the lienor's attorney, setting forth the amount required to redeem the lienor's lien, including per diem interest, through the end of the nineteenth business day after the sale with the same specificity and itemization as required in section 38-38-106. If the amount required to redeem the lienor's lien shown on the statement is zero, the lienor has no right to redeem unless section 38-38-305 applies.       Request for redemption amount. Upon receipt by the officer of the notice of intent to redeem filed by a person entitled to redeem under this section, the officer shall within one business day transmit by mail, facsimile, or other electronic means to the attorney for the holder of the certificate of purchase, or if no attorney, then to the holder, a written request for a written or electronic statement of all sums necessary to redeem the sale. The statement shall include the amounts required to redeem in accordance with this section.    Statement of redemption.   Upon receipt of notice that an intent to redeem was filed, the holder of a certificate of purchase shall submit a signed and acknowledged statement, or the attorney for the holder shall submit a signed statement, to the officer, no later than thirteen business days following the sale, specifying interest calculated through the date of the sale, the amount of per diem interest accruing thereafter, the interest rate on which the amount is based, and all other sums necessary to redeem as of the date of the statement. Interest on the amount for which the property was sold must be charged at the default rate specified in the evidence of debt, deed of trust, or other lien being foreclosed or, if not so specified, at the regular rate specified in the evidence of debt, deed of trust, or other lien being foreclosed. If different interest rates are specified in the evidence of debt, deed of trust, or other lien being foreclosed, the interest rate specified in the evidence of debt prevails. If the evidence of debt does not specify an interest rate, including a default interest rate, the applicable interest rate as specified in the deed of trust or other lien being foreclosed applies. A holder of the certificate of purchase that is not a qualified holder, or the attorney for the holder, shall also submit to the officer receipts, invoices, evidence of electronic account-to-account transfers, or copies of loan servicing computer screens evidencing the fees and costs and verifying that the fees and costs were actually incurred as of the date of the statement, along with the per diem amounts that accrue after the date of sale. The holder or the attorney for the holder may amend the statement from time to time to reflect additional sums advanced as allowed by law, but the statement shall not be amended later than two business days prior to the commencement of the redemption period pursuant to subsection (4)(a) of this section or each subsequent redemption period pursuant to subsection (4)(b) of this section.    If the holder of the certificate of purchase or the attorney for the holder fails to submit the initial written statement to the officer within thirteen business days after the sale, the officer may calculate the amount necessary to redeem by adding to the successful bid the accrued interest from the sale through the redemption date. The accrued interest shall be calculated by multiplying the amount of the bid by the regular rate of annual interest specified in the evidence of debt, deed of trust, or other lien being foreclosed, divided by three hundred sixty-five and then multiplied by the number of days from the date of sale through the redemption date. The officer shall transmit by mail, facsimile, or other electronic means to the party filing the notice of intent to redeem, promptly upon receipt, the statement filed by the holder, or if no such statement is filed, the officer's estimate of the redemption figure, which shall be transmitted no later than the commencement of the redemption period pursuant to paragraph (a) of subsection (4) of this section or each subsequent redemption period pursuant to paragraph (b) of subsection (4) of this section.       Redemption period.   No sooner than fifteen business days nor later than nineteen business days after a sale under this article, the junior lienor having the most senior recorded lien on the sold property or any portion thereof, according to the records, having first complied with the requirements of subsection (1) of this section, may redeem the property sold by paying to the officer, no later than 12 noon on the last day of the lienor's redemption period, in the form specified in section 38-37-108, the amount for which the property was sold with interest from the date of sale, together with all sums allowed under section 38-38-301. Interest on the amount for which the property was sold shall be charged at the default rate specified in the evidence of debt, deed of trust, or other lien being foreclosed or, if not so specified, at the regular rate specified in the evidence of debt, deed of trust, or other lien being foreclosed. If different interest rates are specified in the evidence of debt, deed of trust, or other lien being foreclosed, the interest rate specified in the evidence of debt shall prevail. If the evidence of debt does not specify an interest rate, including a default interest rate, applicable interest rate as specified in the deed of trust or other lien being foreclosed shall apply.      Each subsequent lienor entitled to redeem shall, in succession, have an additional period of five business days to redeem. The right to redeem shall be in priority of such liens according to the records. The redeeming lienor shall redeem by paying to the officer, on or before 12 noon of the last day of the lienor's redemption period: (b) (I) Each subsequent lienor entitled to redeem shall, in succession, have an additional period of five business days to redeem. The right to redeem shall be in priority of such liens according to the records. The redeeming lienor shall redeem by paying to the officer, on or before 12 noon of the last day of the lienor's redemption period:   The redemption amount paid by the prior redeeming lienor, with interest at the rate specified in paragraph (a) of this subsection (4), plus the amount claimed in the statement delivered by the immediately prior redeeming lienor pursuant to subsection (6) of this section, including the per diem amounts through the date on which the payment is made; or    If no prior lienor has redeemed, the redemption amount determined pursuant to paragraph (a) of this subsection (4).       If the redeeming lienor is the same person as the holder of the certificate of purchase or the prior redeeming lienor as evidenced by the instruments referred to in subsection (1) of this section, regardless of the number of consecutive liens held by the redeeming lienor, the redeeming lienor shall not pay to the officer the redemption amount indicated in the certificate of purchase or certificate of redemption held by such person, but shall only pay to the officer the unpaid fees and costs required by the redemption and provide the statement described in paragraph (f) of subsection (1) of this section.       If the statement described in paragraph (f) of subsection (1) of this section so states, or upon other written authorization from the holder of the certificate of purchase or the then-current holder of the certificate of redemption or the attorney for either such holder, the officer may accept as a full redemption an amount less than the amount specified in paragraph (a) of subsection (3) of this section. Notwithstanding the first sentence of this paragraph (c), the amount bid at sale shall determine the amount and extent of any deficiency remaining on the debt represented by the evidence of debt that is the subject of the foreclosure as stated in the bid pursuant to section 38-38-106 (2). Any redemption under this section shall constitute a full redemption and shall be deemed to be payment of all sums to which the holder of the certificate of purchase is entitled.    On the ninth business day after the date of sale, the officer shall set the dates of the redemption period of each lienor in accordance with this subsection (4). The redemption period of a lienor shall not be shortened or altered by the fact that a prior lienor redeemed before the expiration of his or her redemption period.       Certificate of redemption. Upon receipt of the redemption payment pursuant to subsection (4) of this section, the officer shall execute and record a certificate of redemption pursuant to section 38-38-402. Upon the expiration of each redemption period under this section, the officer shall disburse all redemption proceeds to the persons entitled to receive them.    Certificate of lienor. A redeeming lienor shall pay to the officer the amount required to redeem and shall deliver to the officer a signed and properly acknowledged statement by the lienor or a signed statement by the lienor's attorney showing the amount owing on such lien, including per diem interest and fees and costs actually incurred that are permitted by subsection (7) of this section and for which the lienor has submitted to the officer receipts, invoices, evidence of electronic account-to-account transfers, or copies of loan servicing computer screens evidencing the fees and costs and verifying that the fees and costs were actually incurred as of the date of the statement of redemption with the per diem amounts that accrue thereafter. At any time before the expiration of a redeeming lienor's redemption period, the redeeming lienor may submit a revised or corrected certificate, or the attorney for the lienor may submit a revised or corrected statement.    Payment of fees and costs. A redeeming lienor may, during such lienor's redemption period described in subsection (4) of this section, pay the fees and costs that the holder of the evidence of debt may pay pursuant to section 38-38-107.    Misstatement of redemption amount. If an aggrieved person contests the amount set forth in the statement filed by a redeeming lienor pursuant to paragraph (f) of subsection (1) of this section or by a holder of a certificate of purchase pursuant to paragraph   of subsection (3) of this section and a court determines that the redeeming lienor or holder of the certificate of purchase has made a material misstatement on the statement with respect to the amount due and owing to the redeeming lienor or the holder of the certificate of purchase, the court shall, in addition to other relief, award to the aggrieved person the aggrieved person's court costs and reasonable attorney fees and costs.       No partial redemption. A lienor holding a lien on less than all of, or a partial interest in, the property sold at sale shall redeem the entire property. No partial redemption shall be permitted under this part 3. The priority of liens for purposes of this section shall be determined without consideration of the fact that the lien relates to only a portion of the property or to a partial interest therein.    Federal redemption rights. Any redemption rights granted under federal law are separate and distinct from the redemption rights granted under this part 3. All liens that are junior to the deed of trust or other lien being foreclosed pursuant to this article shall be divested by the sale under this article, subject to the redemption rights provided in this part 3. The officer conducting a foreclosure under this article is not designated to receive redemptions under federal law.      History. Source: L. 90: Entire article R&RE, p. 1664, § 2, effective October 1. L. 98: (4) amended, p. 221, § 1, effective August 5. L. 2002: (1), IP(4)(b)(I), and (4)(d) amended and (1.5), (1.6), and (4.5) added, p. 1343, § 13, effective July 1. L. 2006: Entire section R&RE, p. 1467, § 21, effective January 1, 2008. L. 2007: IP(1)(d), (1)(e), (3), (4)(a), (4)(c), and (4)(d) amended, p. 1841, § 17, effective January 1, 2008. L. 2009: IP(1), (1)(c), (1)(d)(III), (1)(d)(IV), (1)(f), (3)(a), (6), and (8) amended,(HB 09-1207), ch. 164, p. 717, § 14, effective January 1, 2010. L. 2012: (1)(e) amended,(SB 12-030), ch. 96, p. 324, § 11, effective September 1. L. 2018: (3)(a) amended,(HB 18-1254), ch. 138, p. 910, § 8, effective August 8.    Editor's note:    This section is similar to former § 38-39-102, as it existed prior to 1990.    The effective date for amendments made to this section by chapter 305, Session Laws of Colorado 2006, was changed from July 1, 2007, to January 1, 2008, by section 27 of chapter 404, Session Laws of Colorado 2007. (SeeL. 2007, p. 1849.)     ANNOTATION   Analysis     I. GENERAL CONSIDERATION.    II. RIGHT OF REDEMPTION.   A. In General.    B. Rights and Liabilities of Parties.       III. AGRICULTURAL REAL ESTATE.     I. GENERAL CONSIDERATION.   Law reviews. For article, “Revising Redemptions”, see 6 Dicta 16 (1929). For article, “Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado”, see 14 Dicta 5 (1936). For article, “Foreclosure by Sale by Public Trustee of Deeds of Trust in Colorado”, see 28 Dicta 437 (1951). For article, “Forms Committee Presents Standard Pleading Samples to Be Used in Foreclosures Through Public Trustee”, see 28 Dicta 461 (1951). For article, “Forms Committee Presents Additional Standard Pleading Samples for Use in Foreclosures Through Public Trustee”, see 29 Dicta 1 (1952). For article, “Enforcement of Security Interests in Colorado”, see 25 Rocky Mt. L. Rev. 1 (1952). For article, “Statutory Redemption in Colorado”, see 30 Dicta 79 (1953). For note, “Statutory Redemption in Colorado: 1965 Amendments”, see 39 U. Colo. L. Rev. 127 (1966). For comment, “The Effect of Certified Realty on Mortgage Foreclosure in Colorado”, see 52 U. Colo. L. Rev. 301 (1981). For comment, “The Effect of Certified Realty Corp. v. Smith, 198 Colo. 222 , 597 P.2d 1043 (1979), on Mortgage Foreclosure in Colorado”, see 52 U. Colo. L. Rev. 301 (1981). For article, “Public Trustee's Deeds and Redemption Under Section 362 of the Bankruptcy Code”, see 12 Colo. Law. 229 (1983). For article, “A Review of Agricultural Law: Hard Times and Hard Choices”, see 15 Colo. Law. 629 (1986). For article, “Recent Statutory Amendments to the Public Trustee and Sheriff Foreclosure Process”, see 15 Colo. Law. 794 (1986). For article, “The Colorado Farm Homestead Protection Act”, see 15 Colo. Law. 1642 (1986). For article, “1987 Statutory Amendments Concerning Foreclosures of Deeds of Trust and Mortgages”, see 16 Colo. Law. 1386 (1987). For article, “Real Estate Foreclosures and Federal Tax Liens”, see 17 Colo. Law. 35 (1988). For article, “Recent Developments in Foreclosure Law”, see 23 Colo. Law. 599 (1994). For article, “Artificial Redemption Rights: A Tool of Foreclosure Investing”, see 28 Colo. Law. 99 (Oct. 1999). For article, “Strategic Options for Overly Encumbered Real Property (Friendly Foreclosures)”, see 46 Colo. Law. 31 (July 2017).   Annotator's note. The following annotations include cases decided under this section as it existed prior to its 2006 repeal and reenactment.   Section encompasses foreclosure of any lien. This section encompasses foreclosure by deed of trust or of any other lien. Frank v. First Nat'l Bank, 653 P.2d 748 (Colo. App. 1982).   In determining whether foreclosure sale and issuance of certificate of purchase was an avoidable transfer under 11 U.S.C. § 548, full amount of junior liens must be subtracted from fair market value of property sold before determining whether reasonably equivalent value was paid for certificate of purchase. In re Garrison, 56 B.R. 528 (Bankr. D. Colo. 1986 ).   Requirement that a certificate of redemption be issued only after the expiration of the proper redemption period does not apply to judgment lienors. Limitation on the execution and delivery of a certificate of redemption pursuant to subsection (2) only applies to owners and other persons liable for deficiencies after the foreclosure sale. Nat'l Real Estate Inv., LLC v. WYSE Fin. Servs., Inc., 66 P.3d 111 (Colo. App. 2002), aff'd, 92 P.3d 918 (Colo. 2004).   Applied in Ryan v. Staples, 76 F. 721 (8th Cir. 1896); Blitz v. Moran, 17 Colo. App. 253, 67 P. 1020 (1902); Roose v. Gove, 32 Colo. 522 , 77 P. 246 (1904); McKee v. Elwell, 69 Colo. 316 , 194 P. 616 (1920); Stryker v. Dunn, 72 Colo. 45 , 209 P. 644 (1922); Bailey v. Merritt, 90 Colo. 338 , 9 P.2d 485 (1932); Maxwell v. District Court, 641 P.2d 931 (Colo. 1982); Jenkins v. Peet, 19 B.R. 105 (Bankr. D. Colo. 1982 ); Moreland v. Marwich, Ltd., 665 P.2d 613 (Colo. 1983); Flett v. Turgeon, 699 P.2d 10 (Colo. App. 1984); Cole v. Farner, 749 P.2d 970 (Colo. App. 1987).   II. RIGHT OF REDEMPTION.   A. In General.   Right to redeem from execution sale is statutory. The right to redeem from an execution sale is a purely statutory one. Paddack v. Staley, 13 Colo. App. 363, 58 P. 363 (1899); Davis Mfg. & Supply Co. v. Coonskin Props., Inc., 646 P.2d 940 (Colo. App. 1982).   Without the statutes of redemption, neither judgment debtors nor judgment creditors, nor grantees of the judgment debtor, taking his title, could redeem from an execution sale. Jenkins v. Gold Dollar Mining & Milling Co., 27 Colo. App. 247, 149 P. 269 (1915); Paddack v. Staley, 13 Colo. App. 363, 58 P. 363 (1899).   Redemption period tolled by federal statute. The automatic stay provision of 11 U.S.C. § 362(a) tolls the redemption period provided for in this section. Eaton Land & Cattle Co. v. Rocky Mt. Invs., 28 B.R. 890 (Bankr. D. Colo. 1983 ).   Redemption period not tolled by federal statute. 11 U.S.C. § 362 does not “toll” or “suspend” the running of the redemption period in Colorado as provided for in this section. In re Murphy, 22 B.R. 663 (Bankr. D. Colo. 1982 ).   Or sale set aside. A court is not justified in invoking its equity powers to set aside a sale or extend the redemption period unless there have been circumstances such as fraud, deceit, or collusion by the purchaser, or unless a holder of a right of redemption has been misled by erroneous information as to the applicable redemption period. Davis Mfg. & Supply Co. v. Coonskin Props., Inc., 646 P.2d 940 (Colo. App. 1982).   Extension of redemption period. Where, on the date the redemption period expires, the debtor files a chapter 11 bankruptcy petition, pursuant to 11 U.S.C. § 108(b), the period of redemption is extended only for an additional 60 days, the federal automatic stay provision being inapplicable. Westergaard v. Cucumber Creek Dev., Inc., 33 B.R. 820 (Bankr. D. Colo. 1983 ).   Debtor's right to redeem generally provides adequate remedy to safeguard him against an inadequate sale price. Gale v. Rice, 636 P.2d 1280 (Colo. App. 1981).   Redemption annuls sale. White v. Crow, 110 U.S. 183, 4 S. Ct. 71, 28 L. Ed. 113 (1884).   Upon a redemption from a sale of real estate under execution, the certificate of sale becomes void, and a sheriff's deed issued thereon is a nullity. Floyd v. Sellers, 7 Colo. App. 491, 44 P. 371 (1896).   The payment of the money by defendant, with the purpose of redemption, to the sheriff who sold the land on execution, and its receipt by the latter without objection, nullifies and abrogates the sale as between defendant and the purchaser, though the sheriff has not formally canceled the certificate of purchase, nor directed the execution of a certificate of redemption and though he has subsequently executed a deed of the land to the purchaser. Colo. Mfg. Co. v. McDonald, 15 Colo. 516 , 25 P. 712 (1890).   General rule as to payment. The general rule is that redemption requires payment of the full purchase price received at the foreclosure sale together with incidental expenses. Rowe v. Tucker, 38 Colo. App. 532, 560 P.2d 843 (1977).   Test of right of redemption. Actual ownership was not intended to be the test of the right of redemption. Floyd v. Sellers, 7 Colo. App. 491, 44 P. 371 (1896).   Character of property material factor in ascertaining redemption period. The character of the property rather than its use is the material factor in ascertaining the period for redemption. Rowe v. Tucker, 38 Colo. App. 532, 560 P.2d 843 (1977).   Period of redemption begins to run from the date a judgment of foreclosure is entered. Oman v. Morris, 28 Colo. App. 124, 471 P.2d 430 (1970).   Where equitable extension of redemption period appropriate. Where holders of right of redemption relied on the public trustee's mistake as to whether the six-month period of redemption for agricultural property or the 75-day period for nonagricultural property applied and where there was an inadequate sales price at foreclosure sale, equitable extension of the period of redemption was an appropriate remedy. Arnold v. Gebhardt, 43 Colo. App. 387, 604 P.2d 1192 (1979); Johnson v. Smith, 651 P.2d 422 (Colo. App. 1982).   Redemption period may not be extended, absent wrongdoing. The bankruptcy court cannot exercise its equity power to extend the redemption period established by subsection (2), absent guilt of wrongdoing by the party seeking the foreclosure, which adversely affects the debtor's right of redemption. In re Headley, 13 B.R. 295 (Bankr. D. Colo. 1981 ).   Inadequacy of sale price not enough to set aside sale. Inadequacy of sales price at foreclosure sale, standing alone, does not warrant setting aside the sale but it may be considered as one of the factors which requires the court to employ an equitable remedy for the holders of the right of redemption. Arnold v. Gebhardt, 43 Colo. App. 387, 604 P.2d 1192 (1979).   A disparity between the market value and the price paid at sale is not controlling and, standing alone, is not sufficient cause for setting aside a sale or extending a redemption period. Davis Mfg. & Supply Co. v. Coonskin Props., Inc., 646 P.2d 940 (Colo. App. 1982).   Effect of sheriff's deed executed after six months. As to a judgment debtor or his grantee, a sheriff's deed was valid if executed and delivered after six months and before nine months from the date of sale, providing there had been no redemption. Finch v. Turner, 21 Colo. 287 , 40 P. 565 (1895); McLaughlin v. Wilson, 23 Colo. App. 59, 127 P. 242 (1912).   “Months”. There is no dispute that the word “months”, in the context of subsection (2), means calendar months, rather than some arbitrarily established number of days. Rowe v. Tucker, 38 Colo. App. 532, 560 P.2d 843 (1977).   B. Rights and Liabilities of Parties.   Owner of premises and lienholders of record may redeem. The owner of the premises and the lienholders of record have a right to redeem from the sale on foreclosure by the sheriff. Lane v. Morris, 77 Colo. 343 , 237 P. 154 (1925); Baber v. Baber, 28 Colo. App. 530, 474 P.2d 630 (1970); Jenkins v. Peet, 13 B.R. 721 (D. Colo. 1981 ).   A redemption may be made by a judgment debtor where the judgment was against him and another, and the land sold under an execution issued thereon as the land of both defendants, notwithstanding that he may have had no interest in the property at the time of the levy or sale. Floyd v. Sellers, 7 Colo. App. 491, 44 P. 371 (1896).   Owner has possessory rights until expiration of redemption period. On sale under foreclosure of a trust deed, the owner thereafter has merely the statutory right to redeem and the right to possession of the premises until the expiration of the redemption period. Lane v. Morris, 77 Colo. 343 , 237 P. 154 (1925); Bankers Bldg. & Loan Ass'n v. Fleming Bros. Lumber Co., 83 Colo. 335 , 264 P. 1087 (1928); Union Mut. Protective Ass'n v. San Luis State Bank, 86 Colo. 293 , 281 P. 366 (1929).   Owner retain equitable title after giving trust deed on property. When the owner of property gives a trust deed thereon, his legal title is vested in the trustee and the equitable title or equity of redemption remains in the owner. Bankers Bldg. & Loan Ass'n v. Fleming Bros. Lumber Co., 83 Colo. 335 , 264 P. 1087 (1928).   Redemption of interest of one joint tenant. A judgment creditor with a lien against the property interest of one joint tenant may redeem that interest without redeeming the interest of the other joint tenant. First Nat'l Bank v. Energy Fuels Corp., 200 Colo. 540 , 618 P.2d 1115 (1980).   Right to rents and reversion of leased premises. Where premises are leased, the landlord is entitled to both the rents and the reversion, and when the reversion of the landlord is transferred, the rights to rents accruing after the transfer of the reversion pass to the transferee; therefore, when the landlord's interest in the demised premises are transferred to a purchaser on a sheriff's sale on foreclosure, the rights to the rents reserved in the lease pass to the purchaser and, after the sheriff's sale and the failure to redeem by either the owner or the mortgagee, the purchasers acquired the rights to the rents, profits accruing after the right of redemption expired. Baber v. Baber, 28 Colo. App. 530, 474 P.2d 630 (1970).   When owner's right of redemption expires, all of his right, title, and interest in and to the land is extinguished; this same rule applies to the interest of lienholders who have a right to redeem. Lane v. Morris, 77 Colo. 343 , 237 P. 154 (1925); Baber v. Baber, 28 Colo. App. 530, 474 P.2d 630 (1970); Jenkins v. Peet, 13 B.R. 721 (D. Colo. 1981 ).   Plaintiff liable on note for entire indebtedness. Where plaintiff purchased property consisting of three parcels, secured by deed of trust, assuming to pay note secured by deed of trust, and where he then sold two of the parcels, but there was no evidence that the purchasers agreed to pay any part of the indebtedness, and where plaintiff thereafter defaulted making payments leading to loss of all the parcels by foreclosure and public trustee's sale, plaintiff is still liable on the note for the entire indebtedness. Ellickson v. Dull, 34 Colo. App. 25, 521 P.2d 1282 (1974).   Proper parties to maintain action to set aside foreclosure. Where the grantor in a deed of trust conveyed his equity of redemption before foreclosure and, at the foreclosure sale, the property did not sell for enough to pay off his note, both he and his grantee of the equity of redemption have sufficient interest and are proper parties to maintain an action to set aside the foreclosure sale on the ground that it was illegal and void. Brewer v. Harrison, 27 Colo. 349 , 62 P. 224 (1900).   Right to redemption notice. To be entitled to notice that a deed of trust is being foreclosed, party who has right to redeem and who claims the right to a redemption notice must make his interest in the property known by recording that interest after the deed of trust has been recorded. S.L.K. Testamentary Trust v. Davids, 692 P.2d 1147 (Colo. App. 1984), aff'd, 728 P.2d 1259 (Colo. 1987).   Right of redemption is based on surety's potential liability for a deficiency. Therefore, if an inchoate right of redemption is extinguished by a foreclosure sale resulting in the satisfaction of the deficiency, surety is no longer potentially liable and has no right to notice. S.L.K. Testamentary Trust v. Davids, 728 P.2d 1259 (Colo. 1987).   Junior lien creditor may redeem from a public trustee's sale without complying with the homestead exemption statute. Howell v. Farrish, 725 P.2d 9 (Colo. App. 1986).   Right to redeem of junior lienor with partial interest in property. A junior lienor, who is the beneficiary of a deed of trust upon only part of the property that has been foreclosed upon by a senior lienor, may not redeem only that part of the property that is subject to his deed of trust. Pheney v. W. Nat. Bank, 762 P.2d 693 (Colo. App. 1988); Indep. Trust v. Stan Miller, Inc., 796 P.2d 483 (Colo. 1990).   A right of redemption may not be severed from the property interest it serves. Backhart v. HTS Props., LLC, 981 P.2d 208 (Colo. App. 1998).   A junior lienor who has timely filed its notice of intent to redeem is then entitled to redeem and does not have to accept a tendered lien payoff. Oakwood Holdings, LLC v. Mortgage Invs. Enters., 2018 CO 12, 410 P.3d 1249.   III. AGRICULTURAL REAL ESTATE.   Application of agricultural real estate exception. The “agricultural real estate” exception to the otherwise applicable 75-day period, provided for in subsection (1), applies only to foreclosures under mortgages and deeds of trust, and is not applicable to sales upon foreclosure of mechanics' liens or upon sale under execution. Kimtruss Corp. v. Westland Manor Nursing Home N., Inc., 39 Colo. App. 542, 568 P.2d 105 (1977).   Mining property is “agricultural real estate” for the purposes of this section. Rowe v. Tucker, 38 Colo. App. 532, 560 P.2d 843 (1977).   Mining property is not ordinarily considered to be agricultural. However, since it is apparent that for redemption purposes the general assembly sought only to distinguish undeveloped rural lands from developed urbanized property, the statutory definition here places both agricultural and mining property in the same category. Rowe v. Tucker, 38 Colo. App. 532, 560 P.2d 843 (1977).