8.9A-619 - A-619. Transfer of record or legal title. - Virginia Statutes

§ 8.9A-619. Transfer of record or legal 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.

(2000, c. 1007.)