§ 8.9A-619 Transfer of record or legal title
a. “Transfer statement.” In this section, “transfer statement” means a record signed 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:
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 title and does not of itself relieve the secured party of its duties under this title.
History
This law was first created in 2000. The record of its establishment is cataloged in chapter 1007 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2024, chapter 652.
2000, c. 1007; 2024, c. 652.