§ 6A-9-619 - Transfer of record or legal title.
SECTION 6A-9-619
§ 6A-9-619 Transfer of record or legaltitle. – (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 anobligation secured by specified collateral;
(2) That the secured party has exercised its post-defaultremedies with respect to the collateral;
(3) That, by reason of the exercise, a transferee hasacquired the rights of the 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 statemententitles the transferee to the transfer of record of all rights of the debtorin the collateral 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 to theofficial or office responsible for maintaining the system, the official oroffice shall:
(1) Accept the transfer statement;
(2) Promptly amend its records to reflect the transfer; and
(3) If applicable, issue a new appropriate certificate oftitle in the name of the transferee.
(c) Transfer not a disposition; no relief of securedparty's duties. A transfer of the record or legal title to collateral to asecured party under subsection (b) or otherwise is not of itself a dispositionof collateral under this chapter and does not of itself relieve the securedparty of its duties under this chapter.