Colorado law provides that an association is entitled to a super-priority lien “super lien” for assessments which would have come due during the six months immediately preceding the filing of a foreclosure action by an association, or a party holding the first Deed of Trust.
However, under C.R.S. 38-33.3-316(8), the association must furnish, upon written request delivered personally or by certified mail, first-class postage prepaid, return receipt requested, a written statement setting forth the amount of unpaid assessments currently levied against the particular unit. The statement must be furnished within fourteen calendar days after receipt of the request and binds the association, the executive board, and every unit owner. In addition, the association must send its response via certified mail, first-class postage prepaid, return receipt requested, to the inquiring party. Failure to do so may jeopardize the association’s right to assert a super lien against the unit.
If a file is already with the association’s attorney, the Board or manager will need to provide a copy of the request to the attorney as soon as it is received. Failure to do so could harm the association’s financial affairs, and could be a violation of duties to the association. Don’t ignore those letters that you receive, and don’t delay! The difference could be a full six months’ worth of otherwise unpaid and uncollectable assessments.