Colorado Code
Part 7 - Remedies
§ 4-2-725. Statute of Limitations in Contracts for Sale

Source: L. 65: p. 1344, § 1. C.R.S. 1963: § 155-2-725. L. 86: (1) amended, p. 702, § 5, effective July 1.
Editor's note - Colorado legislative change: In subsection (1), Colorado substituted the three-year statute of limitations in § 13-80-101 for the four-year statute of limitations in the uniform act. The official text also provided that the parties could reduce the period of limitation to a minimum of one year, but they could not extend the period. Colorado has provided that the period of limitation may not be reduced or extended.
Prior Uniform Statutory Provision: None.
Purposes: To introduce a uniform statute of limitations for sales contracts, thus eliminating the jurisdictional variations and providing needed relief for concerns doing business on a nationwide scale whose contracts have heretofore been governed by several different periods of limitation depending upon the state in which the transaction occurred. This Article takes sales contracts out of the general laws limiting the time for commencing contractual actions and selects a four year period as the most appropriate to modern business practice. This is within the normal commercial record keeping period.
Subsection (1) permits the parties to reduce the period of limitation. The minimum period is set at one year. The parties may not, however, extend the statutory period.
Subsection (2), providing that the cause of action accrues when the breach occurs, states an exception where the warranty extends to future performance.
Subsection (3) states the saving provision included in many state statutes and permits an additional short period for bringing new actions, where suits begun within the four year period have been terminated so as to leave a remedy still available for the same breach.
Subsection (4) makes it clear that this Article does not purport to alter or modify in any respect the law on tolling of the Statute of Limitations as it now prevails in the various jurisdictions.
Definitional Cross References:
"Action". Section 4-1-201.
"Aggrieved party". Section 4-1-201.
"Agreement". Section 4-1-201.
"Contract for sale". Section 4-2-106.
"Goods". Section 4-2-105.
"Party". Section 4-1-201.
"Remedy". Section 4-1-201.
"Term". Section 4-1-201.
"Termination". Section 4-2-106.