400.9-619. Transfer of record or legal title. - Missouri Statutes

Transfer of record or legal title.

400.9-619. (a) In this section, "transfer statement" means a recordauthenticated by a secured party stating:

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

(2) That the secured party has exercised its post-default remedies withrespect to the collateral;

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

(4) The name and mailing address of the secured party, debtor, andtransferee.

(b) A transfer statement entitles the transferee to the transfer ofrecord of all rights of the debtor in the collateral specified in thestatement in any official filing, recording, registration, orcertificate-of-title system covering the collateral. If a transfer statementis presented with the applicable fee and request form to the official oroffice 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 thename of the transferee.

(c) A transfer of the record or legal title to collateral to a securedparty under subsection (b) or otherwise is not of itself a disposition ofcollateral under this article and does not of itself relieve the secured partyof its duties under this article.

(L. 2001 S.B. 288)

Effective 7-01-01