§490:9-619  Transfer of record or legal
title.  (a)  In this section, "transfer statement" means a record
authenticated by a secured party stating:



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



(2)  That the secured party has exercised its
post-default 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 article and does not of itself
relieve the secured party of its duties under this article. [L 2000, c 241, pt
of §1]