§ 34.1-9-619 — Transfer of record or legal title

(a) In this section, "transfer statement" means a record
authenticated by a secured party stating:
(i) That the debtor has defaulted in connection with
an obligation secured by specified collateral;
(ii) That the secured party has exercised its
post-default remedies with respect to the collateral;
(iii) That, by reason of the exercise, a transferee
has acquired the rights of the debtor in the collateral; and
(iv) 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:
(i) Accept the transfer statement;
(ii) Promptly amend its records to reflect the
transfer; and
(iii) If applicable, issue a new appropriate
certificate of title in the name of the 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 this article and does
not of itself relieve the secured party of its duties under this
article.