1. Transfer statement. In this section, “transfer statement” means a record signed by a secured party stating: a. that the debtor has defaulted in connection with an obligation secured by specified collateral; b. that the secured party has exercised its post-default remedies with respect to the collateral; c. that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and d. the name and mailing address of the secured party, debtor, and transferee. 2. Effect of transfer statement. A transfer statement entitles the transferee to the transfer of record of allrights 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: a. accept the transfer statement; b. promptly amend itsrecords to reflect the transfer; and c. ifapplicable, issue a new appropriate certificate of title in the name of the transferee. 3. 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 2 or otherwise is not of itselfa disposition of collateral under this Article and does not of itselfrelieve the secured party of itsduties under this Article.
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