47-9619

47-9619. Transfer of record or legal title;
definition

A. In this section, "transfer statement" means a record authenticated by a secured
party and stating:

1. That the debtor has defaulted in connection with an obligation secured by
specified collateral;

2. That the secured party has exercised its postdefault remedies with respect to
the collateral;

3. That, by reason of the exercise, a transferee has acquired the rights of the
debtor in the collateral; and

4. 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:

1. Accept the transfer statement;

2. Promptly amend its records to reflect the transfer; and

3. 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 chapter
and does not of itself relieve the secured party of its duties under this chapter.