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409.619 Transfer of record or legal title.

409.619

409.619 Transfer of record or legal title.

409.619(1)

(1) Transfer statement. In this section, "transfer statement" means a record authenticated by a secured party stating:

409.619(1)(a)

(a) That the debtor has defaulted in connection with an obligation secured by specified collateral;

409.619(1)(b)

(b) That the secured party has exercised its postdefault remedies with respect to the collateral;

409.619(1)(c)

(c) That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and

409.619(1)(d)

(d) The name and mailing address of the secured party, debtor, and transferee.

409.619(2)

(2) Effect of transfer statement. 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:

409.619(2)(a)

(a) Accept the transfer statement;

409.619(2)(b)

(b) Promptly amend its records to reflect the transfer; and

409.619(2)(c)

(c) If applicable, issue a new appropriate certificate of title in the name of the transferee.

409.619(3)

(3) Transfer not a disposition; no relief of secured party's duties. A transfer of the record or legal title to collateral to a secured party under sub. (2) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.

409.619 - ANNOT.

History: 2001 a. 10.