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Definition for

Notice of Election and Demand

In Colorado, a document (1) indicating that a lender is the beneficiary of a deed of trust encumbering a parcel of real property; (2) stipulating that the borrower is in default on the underlying obligation; and (3) requesting that the public trustee commence foreclosure proceedings to satisfy the debt. The document is submitted to the public trustee (and recorded) and marks the beginning of the foreclosure process.

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