(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 an obligation secured byspecified collateral;
(2) that the secured party has exercised its postdefault remedies withrespect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights ofthe 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 statement entitles thetransferee to the transfer of record of all rights of the debtor in thecollateral 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 tothe official or office responsible for maintaining the system, the officialor 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 nameof the transferee.
(c) Transfer not a disposition; no relief of secured party's duties. Atransfer of the record or legal title to collateral to a secured party undersubsection (b) or otherwise is not of itself a disposition of collateralunder this title and does not of itself relieve the secured party of itsduties under this title.
(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 an obligation secured byspecified collateral;
(2) that the secured party has exercised its postdefault remedies withrespect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights ofthe 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 statement entitles thetransferee to the transfer of record of all rights of the debtor in thecollateral 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 tothe official or office responsible for maintaining the system, the officialor 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 nameof the transferee.
(c) Transfer not a disposition; no relief of secured party's duties. Atransfer of the record or legal title to collateral to a secured party undersubsection (b) or otherwise is not of itself a disposition of collateralunder this title and does not of itself relieve the secured party of itsduties under this title.
(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 an obligation secured byspecified collateral;
(2) that the secured party has exercised its postdefault remedies withrespect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights ofthe 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 statement entitles thetransferee to the transfer of record of all rights of the debtor in thecollateral 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 tothe official or office responsible for maintaining the system, the officialor 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 nameof the transferee.
(c) Transfer not a disposition; no relief of secured party's duties. Atransfer of the record or legal title to collateral to a secured party undersubsection (b) or otherwise is not of itself a disposition of collateralunder this title and does not of itself relieve the secured party of itsduties under this title.
