(1) Prima facie evidence of the existence of an entity and the authority of one or more persons to act on behalf of an entity to convey, encumber, or otherwise affect title to real property may be shown as provided in this section.
(2) As used in this section, unless the context otherwise requires:
"Entity" means a person as defined in section 2-4-401, C.R.S., other than an individual, capable of holding title to real property.
"Entity description" means the type of entity and may also include the name of thestate, country, or other governmental authority under whose laws it was formed.
"Recorded" means recorded with the county clerk and recorder of the county in which the real property is situated.
"Statement of authority" means an instrument executed on behalf of the entity thatcontains:
The name of the entity;
The type of entity and the state, country, or other governmental authority under whose laws it was formed;
A mailing address for the entity; and
The name or position of the person authorized to execute instruments conveying,encumbering, or otherwise affecting title to real property on behalf of the entity.
(3) Prima facie evidence of the existence of an entity that executed a recorded instrument purporting to convey, encumber, or otherwise affect title to real property may be shown by any one or more of the following recorded instruments:
The instrument itself, if that instrument uses the same name and the same entitydescription, if any, as appeared in the instrument by which the entity purported to acquire title to the real property or any part thereof or any interest therein; or
Another instrument that is required by law to be recorded to enable the entity to holdor convey title to real property; or
Another instrument that is permitted by law to be recorded, that names the entity andgives the entity description of the entity and, that by law is prima facie evidence of the facts recited in the instrument insofar as such facts affect title to real property.
(4) Prima facie evidence of the authority of the person that executed an instrument on behalf of an entity purporting to convey, encumber, or otherwise affect title to real property may be shown by any one or more of the following recorded instruments:
An instrument that is required or permitted by law to be recorded in order to evidencethe authority of one or more persons by name or by position to execute instruments conveying, encumbering, or otherwise affecting title to real property on behalf of the entity; or
A certified copy of an instrument on file with any agency or department of any state,country, or other governmental authority that evidences the authority of one or more persons by name or by position to execute instruments conveying, encumbering, or otherwise affecting title to real property on behalf of the entity; or (c) A statement of authority.
A statement of authority may contain any limitation as may exist upon the authorityof the person named in the statement or holding the position described in the statement to bind the entity and any other matters concerning the manner in which the entity deals with any interest in real property. Upon recording, a statement of authority shall constitute prima facie evidence of the facts recited in the statement of authority insofar as the facts affect title to real property and prima facie evidence of the authority of the person executing the statement of authority to execute and record the statement of authority on behalf of the entity.
Any recorded instrument described in subsection (4) of this section may be amendedor superseded by the recording of a subsequent instrument of the type described in subsection (4) of this section. The absence of any limitation described in subsection (5) of this section in a recorded instrument described in subsection (4) of this section shall be prima facie evidence that no such limitations exist.
Source: L. 97: Entire section added, p. 1525, § 23, effective June 3. L. 98: IP(3), IP(4), and (5) amended, p. 627, § 39, effective July 1.