NOTE: The governor signed this measure on 4/3/2015.
      
      
      SENATE BILL 15-049
      
      
      BY SENATOR(S) Martinez Humenik, Baumgardner, Cooke, Crowder,
      Grantham, Holbert, Jahn, Lundberg, Roberts, Scheffel, Scott, Woods;
      also REPRESENTATIVE(S) Keyser, Fields, Pettersen, Rosenthal,
      Van Winkle.
      
      
      Concerning the vesting of title to real estate in a grantee that is
           an entity that has not yet been formed once the entity has
           been formed.
       
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, amend 38-34-105 as
      follows:
      
           38-34-105.  When deed transferred before formation. (1)  If a
      grantee described in a deed as an entity has not been formed at the
      time of the delivery of a the deed describing to the grantee, as a
      corporation no incorporation papers have been filed and if thereafter proper
      incorporation papers are filed, the title to the real property shall vest
      described in the deed vests in the grantee as soon as the grantee is
      incorporated when the entity is formed, and no other instrument of
      conveyance shall be is required. As to all such conveyances executed prior
      to March 28, 1927, it shall be conclusively presumed that the title vested in
      the incorporators in trust for the grantee and that said incorporators properly
      conveyed the real property to the grantee when the grantee was incorporated
      unless within one year from March 28, 1927, there is filed in the office of
      the proper recorder a written explanation or statement of the transaction
      signed and acknowledged by the proper parties.
      
           (2)  As used in this section:
      
           (a)  "Entity" has the meaning specified in section 7-90-102 (20),
      C.R.S.
      
           (b)  "Formed" has the meaning specified in section 7-90-102
      (29.5), C.R.S.
      
           SECTION 2.  Act subject to petition - effective date -
      applicability. (1)  This act takes effect at 12:01 a.m. on the day following
      the expiration of the ninety-day period after final adjournment of the
      general assembly (August 5, 2015, if adjournment sine die is on May 6,
      2015); except that, if a referendum petition is filed pursuant to section 1 (3)
      of article V of the state constitution against this act or an item, section, or
      part of this act within such period, then the act, item, section, or part will
      not take effect unless approved by the people at the general election to be
      held in November 2016 and, in such case, will take effect on the date of the
      official declaration of the vote thereon by the governor.
      
           (2)  This act applies to deeds delivered on or after the applicable
      effective date of this act.
      
      
      
      
      ____________________________  ____________________________
      Bill L. Cadman                Dickey Lee Hullinghorst
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Cindi L. Markwell                      Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO