<?xml version='1.0' encoding='utf-8'?>
<section article="gcl" article_name="Commercial Law" number="9-619" title_number="9" title_name="Secured Transactions" subtitle_number="6" subtitle_name="Default">
  <level label="a">
    <text>In this section, “transfer statement” means a record authenticated by a secured party stating:</text>
    <level label="1">
      <text>That the debtor has defaulted in connection with an obligation secured by specified collateral;</text>
    </level>
    <level label="2">
      <text>That the secured party has exercised its post-default remedies with respect to the collateral;</text>
    </level>
    <level label="3">
      <text>That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and</text>
    </level>
    <level label="4">
      <text>The name and mailing address of the secured party, debtor, and transferee.</text>
    </level>
  </level>
  <level label="b">
    <text>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:</text>
    <level label="1">
      <text>Accept the transfer statement;</text>
    </level>
    <level label="2">
      <text>Promptly amend its records to reflect the transfer; and</text>
    </level>
    <level label="3">
      <text>If applicable, issue a new appropriate certificate of title in the name of the transferee.</text>
    </level>
  </level>
  <level label="c">
    <text>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 title and does not of itself relieve the secured party of its duties under this title.</text>
  </level>
</section>
