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Can you summarize IACO 554.9619?
UNIFORM COMMERCIAL CODE > Transfer of record or legal title.
Short Summary
This legal document, governed by the Iowa Code under the Uniform Commercial Code, pertains to the transfer of record or legal title. It defines a ’transfer statement’ as a record authenticated by a secured party that states the debtor’s default, the secured party’s exercise of post-default remedies, the acquisition of the debtor’s rights by a transferee, and the relevant parties’ names and addresses. The transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the specified collateral. If presented with the applicable fee and request form, the official or office responsible for maintaining the system must accept the transfer statement, amend its records, and issue a new certificate of title if applicable. It clarifies that a transfer of record or legal title does not constitute a disposition of collateral and does not relieve the secured party of its duties under this Article. Additionally, it references specific sections related to the transfer of title or interest in vehicles.
Whom does it apply to?
Secured parties, debtors, and transferees
What does it govern?
Transfer of record or legal title
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Iowa