70A-9a-619 - Transfer of record or legal title.
70A-9a-619. Transfer of record or legal title.
(1) In this section, "transfer statement" means a record authenticated by a secured partystating:
(a) that the debtor has defaulted in connection with an obligation secured by specifiedcollateral;
(b) that the secured party has exercised its post-default remedies with respect to thecollateral;
(c) that, by reason of the exercise, a transferee has acquired the rights of the debtor in thecollateral; and
(d) the name and mailing address of the secured party, debtor, and transferee.
(2) A transfer statement entitles the transferee to the transfer of record of all rights of thedebtor in the collateral specified in the statement in any official filing, recording, registration, orcertificate-of-title system covering the collateral. If a transfer statement is presented with theapplicable fee and request form to the official or office responsible for maintaining the system,the official or office shall:
(a) accept the transfer statement;
(b) promptly amend its records to reflect the transfer; and
(c) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(3) A transfer of the record or legal title to collateral to a secured party under Subsection(2) or otherwise is not of itself a disposition of collateral under this chapter and does not of itselfrelieve the secured party of its duties under this chapter.
Enacted by Chapter 252, 2000 General Session