Colo. Rev. Stat. § 35-50-121
Each secured party, whose security interest in the subject livestock appears in the list of effective filings as maintained by the central filing officer pursuant to the "Central Filing of Effective Financing Statement Act", article 9.5 of title 4, C.R.S., prior to the commissioner's payment to the owner of any excess sales proceeds pursuant to section 35-50-109 (7); prior to the issuance to the owner of the state's certificate of indebtedness pursuant to section 35-50-114 (1); or prior to the commissioner's authorization of payment of indemnity pursuant to section 35-50-114 (2) shall have a right to the proceeds of any such payment or indemnity or to such certificate of indebtedness, which is prior to that of the owner, and the commissioner or the governor, as the case may be, shall cause the foregoing to be paid or issued jointly to each such secured party and to the owner.
C.R.S. § 35-50-121
The former § 35-50-121 was relocated to § 35-50-105 in 2005.