§ 25-9-619. Transfer of record or legal title. - North Carolina Statutes

§25‑9‑619.  Transfer of record or legal title.

(a)        "Transferstatement." – In this section, "transfer statement" means arecord authenticated by a secured party stating:

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

(2)        That the securedparty has exercised its postdefault remedies with respect to the collateral;

(3)        That, by reason ofthe exercise, a transferee has acquired the rights of the debtor in thecollateral; and

(4)        The name and mailingaddress of the secured party, debtor, and transferee.

(b)        Effect of transferstatement. – A transfer statement entitles the transferee to the transfer ofrecord of all rights of the debtor in the collateral specified in the statementin any official filing, recording, registration, or certificate‑of‑titlesystem covering the collateral. If a transfer statement is presented with theapplicable fee and request form to the official or office responsible formaintaining the system, the official or office shall:

(1)        Accept the transferstatement;

(2)        Promptly amend itsrecords to reflect the transfer; and

(3)        If applicable, issuea new appropriate certificate of title in the name of the transferee.

(c)        Transfer not adisposition; no relief of secured party's duties. – A transfer of the record orlegal title to collateral to a secured party under subsection (b) of thissection or otherwise is not of itself a disposition of collateral under thisArticle and does not of itself relieve the secured party of its duties under thisArticle. (2000‑169, s. 1.)