8.9A-619 - A-619. Transfer of record or legal title.
§ 8.9A-619. Transfer of record or legal title.
(a) "Transfer statement." In this section, "transfer statement" means arecord authenticated by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation secured byspecified collateral;
(2) that the secured party has exercised its postdefault remedies withrespect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights ofthe debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) Effect of transfer statement. A transfer statement entitles thetransferee to the transfer of record of all rights of the debtor in thecollateral specified in the statement in any official filing, recording,registration, or certificate-of-title system covering the collateral. If atransfer statement is presented with the applicable fee and request form tothe official or office responsible for maintaining the system, the officialor office shall:
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the nameof the transferee.
(c) Transfer not a disposition; no relief of secured party's duties. Atransfer of the record or legal title to collateral to a secured party undersubsection (b) or otherwise is not of itself a disposition of collateralunder this title and does not of itself relieve the secured party of itsduties under this title.
(2000, c. 1007.)