If the mortgagor of real property fails or neglects to pay the taxes levied on such property or permits such property to be sold for taxes, the mortgagee may pay said taxes or redeem such property if sold for taxes, and any taxes so paid or redeemed shall become and be a lien upon such real property until the same have been repaid to the mortgagee. Upon payment of any such mortgage or in an action to enforce the same, such mortgagee may demand the taxes so paid or redeemed, with interest thereon at the same rate specified in the mortgage, and the same shall be included in any judgment rendered on the mortgage. The term "mortgage" includes deeds of trust, and the term "mortgagee" includes the beneficiary of a deed of trust.
Source: L. 64: R&RE, p. 678, § 1. C.R.S. 1963: § 137-1-9. L. 73: p. 1417, § 100.
ANNOTATION
Law reviews. For article, "Property Taxation of Oil and Gas Interests", see 24 Rocky Mt. L. Rev. 170 (1952).
Annotator's note. The following annotations include cases decided under this section as it existed prior to its 1964 repeal and reenactment.
Mortgagee must look to land for reimbursement. Payment of taxes upon mortgaged land affords to the mortgagee no personal action against the mortgagor, in the absence of a covenant to this effect; he must look to the land for reimbursement. Gilmour v. First Nat'l Bank, 21 Colo. App. 301, 121 P. 767 (1912).
Mortgagee entitled to credit for amounts paid for taxes as against mortgagors in an action by mortgagors for an accounting and to redeem. Dubois v. Bowles, 30 Colo. 44, 69 P. 1067 (1902).
Applied in Kansas City Life Ins. Co. v. Prowers County Oil & Gas Co., 81 Colo. 177, 254 P. 438 (1927).