HB 12-1010 Summary

• Amends Colorado law to allow lienholders named in a mutual ditch company's books to request duplicate stock certificates for lost, mislaid, or destroyed certificates, in addition to existing rights for stockholders and their legal representatives.

• Requires lienholders to file a statement under oath with the corporation secretary after more than three years have elapsed since notification of the certificate loss and all assessments have been paid.

• Mandates the corporation publish notice once weekly for five successive weeks (with the fifth publication on the twenty-eighth day) in a newspaper of general circulation in the county where the corporation's principal office is located.

• Allows the corporation to issue a duplicate certificate to the lienholder if no contrary claims are filed before the date specified in the notice, and requires all rights under the original certificate to immediately cease.

• Takes effect 90 days after the general assembly's final adjournment (August 8, 2012) unless subject to voter approval through referendum petition; applies to duplicate certificate requests filed on or after the effective date.