§ 9-619 — Transfer of Record or Legal Title

Section 9--619. Transfer of Record or Legal Title.\n (a) "Transfer statement." * In this section, "transfer statement"\nmeans a record authenticated by a secured party stating:\n * NB Effective until June 3, 2026\n* In this section, "transfer statement" means a record signed by a\nsecured party stating:\n * NB Effective June 3, 2026\n (1) that the debtor has defaulted in connection with an\n obligation secured by specified collateral;\n (2) that the secured party has exercised its post-default\n remedies with respect to the collateral;\n (3) that, by reason of the exercise, a transferee has acquired\n the rights of the debtor in the collateral; and\n (4) the name and mailing address of the secured party, debtor,\n and transferee.\n (b) Effect of transfer statement. A transfer statement entitles the\ntransferee to the transfer of record of all rights of the debtor in the\ncollateral specified in the statement in any official filing, recording,\nregistration, or certificate-of-title system covering the collateral. If\na transfer statement is presented with the applicable fee and request\nform to the official or office responsible for maintaining the system,\nthe official or office shall:\n (1) accept the transfer statement;\n (2) promptly amend its records to reflect the transfer; and\n (3) if applicable, issue a new appropriate certificate of title\n in the name of the transferee.\n (c) Transfer not a disposition; no relief of secured party's duties. A\ntransfer of the record or legal title to collateral to a secured party\nunder subsection (b) or otherwise is not of itself a disposition of\ncollateral under this article and does not of itself relieve the secured\nparty of its duties under this article.\n