Okla. Stat. tit. 12A § 1-9-619

Current through Laws 2024, c. 453.

Section 1-9-619 - Transfer of record or legal title

(a) 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 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) 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) A transfer of the record or legal title to collateral to a secured party under subsection (b) of this section 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.

Okla. Stat. tit. 12A, § 1-9-619

Amended by Laws 2024 , c. 13, s. 86, eff. 11/1/2024.

Added by Laws 2000 , SB 1519, c. 371, § 126, eff. 7/1/2001.

Oklahoma Code Comment

The concept under revised section 9-619 is new. This section defines the role of a transfer statement and provides that the transfer statement entitles the transferee to all rights of the debtor in the collateral. Section 9-615(b) requires, after the secured party disposes of the collateral, the official or office responsible, when presented with the transfer statement, to amend its records to reflect the transfer and to issue a new certificate of title in the name of the transferee. Section 9-619(c) , which applies when a record transfer occurs prior to the secured party's disposition, states that the transfer of record or a transfer of legal title to collateral to a secured party is not of itself an Article 9 disposition of collateral and does not relieve the secured party of its duties or rights under Article 9. This section has practical application and provides the procedure for the transfer of title such as title to a vehicle which is to be or has been sold under Article 9. It promotes commerce, one of the purposes of the Uniform Commercial Code, and prevents a debtor or other third party from delaying or otherwise impeding disposition of collateral under Article 9 by holding, concealing or destroying a certificate of title, thereby impeding a transfer of title of record. Other issues may also be relevant; see, e.g. , Leslie V. Lacy, 91 F. Supp. 2d 1182 (S.D. Ohio 2000) (due process).