2006 New York Code - Transfer Of Record Or Legal Title



 
  Section 9--619. Transfer of Record or Legal Title.
    (a) "Transfer  statement." 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) Effect of transfer statement. 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) Transfer not a disposition; no relief of secured party's duties. 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.

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