I'm sure I read somewhere that timecode was stated differently when it was drop frame or non drop frame, a difference between : and ; seperating each numeral.

There were 4 different cases if I remember well, and I can't seem to find them anywhere. Would anyone care to enlighten me?

Yes, if the timecode is non-drop, the last separator is a colon (:) and if the timecode is drop the last separator is a semi-colon(;).

Are you looking for varification or examples? I'm a little confused.

Examples would be delicious :)