§ 26-1-9.1-619 — Transfer of record or legal title to collateral

Indiana § 26-1-9.1-619

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) In this section, "transfer statement"
means a record signed by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation
secured by specified collateral;
(2) that the secured party has exercised its post-default remedies
with respect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the
rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and
transferee.
(b) A transfer statement entitles the transferee to the transfer of
record of all rights of the debtor in the collateral specified in the
statement in any official filing, recording, registration, or
certificate-of-title system covering the collateral. If a transfer statement
is presented with the applicable fee and request form to the official or
office responsible for maintaining the system, the official or 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
name of transferee.
(c) A transfer of the record or legal title to collateral to a secured
party under subsection (b) or otherwise is not of itself a disposition of
collateral under IC 26-1-9.1 and does not of itself relieve the secured
party of its duties under IC 26-1-9.1.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.84.