Pennsylvania Consolidated & Unconsolidated Statutes
Chapter 96 - Default
Section 9619 - Transfer of record or legal title

§ 9619. Transfer of record or legal title.
(a) Transfer statement.--As used in this section, the term "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 postdefault 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 division and does not of itself relieve the secured party of its duties under this division.

Structure Pennsylvania Consolidated & Unconsolidated Statutes

Pennsylvania Consolidated & Unconsolidated Statutes

Title 13 - COMMERCIAL CODE

Chapter 96 - Default

Extra - Chapter Notes

Section 9601 - Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles or promissory notes

Section 9602 - Waiver and variance of rights and duties

Section 9603 - Agreement on standards concerning rights and duties

Section 9604 - Procedure if security agreement covers real property or fixtures

Section 9605 - Unknown debtor or secondary obligor

Section 9606 - Time of default for agricultural lien

Section 9607 - Collection and enforcement by secured party

Section 9608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus

Section 9609 - Secured party's right to take possession after default

Section 9610 - Disposition of collateral after default

Section 9611 - Notification before disposition of collateral

Section 9612 - Timeliness of notification before disposition of collateral

Section 9613 - Contents and form of notification before disposition of collateral: general

Section 9614 - Contents and form of notification before disposition of collateral: consumer-goods transaction

Section 9615 - Application of proceeds of disposition; liability for deficiency and right to surplus

Section 9616 - Explanation of calculation of surplus or deficiency

Section 9617 - Rights of transferee of collateral

Section 9618 - Rights and duties of certain secondary obligors

Section 9619 - Transfer of record or legal title

Section 9620 - Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral

Section 9621 - Notification of proposal to accept collateral

Section 9622 - Effect of acceptance of collateral

Section 9623 - Right to redeem collateral

Section 9624 - Waiver

Section 9625 - Remedies for secured party's failure to comply with division

Section 9626 - Action in which deficiency or surplus is in issue

Section 9627 - Determination of whether conduct was commercially reasonable

Section 9628 - Nonliability and limitation on liability of secured party; liability of secondary obligor