Jerry GUNDERSON, Plaintiff-Appellee, v. WEIDNER HOLDINGS, LLC

Dec 26, 2019

OUTCOME: Weidner Holdings seeks to enforce the notes against Jerry Gunderson, but not Mr. Weidner's daughter, Kimberly Gunderson. Neither party disputes that Colorado law applies.

his case centers on which statute of limitations applies to two payable-on-demand promissory notes, one of which is secured by a deed of trust on real property. Citing Mortgage Investments Corp. v. Bat ... tle Mountain Corp., 70 P.3d 1176 (Colo. 2003), the district court applied the general six-year statute of limitations, not the one applicable to negotiable instruments under the Uniform Commercial Code (UCC). Based on this, and its conclusion that a claim to enforce a payable-on-demand promissory note accrues when the note is executed, the district court granted summary judgment in favor of plaintiff, Jerry Gunderson. Defendants, William Weidner and Weidner Holdings, LLC, appeal the district court's order for summary judgment. Because we conclude that the UCC applies and that under the UCC's limitations period Weidner Holdings' claim to enforce the promissory notes is not time barred, we reverse the district court's judgment.