Ask Reggi Your Question Now
Can you summarize MNST 336.9-619?
UNIFORM COMMERCIAL CODE > TRANSFER OF RECORD OR LEGAL TITLE.
Short Summary
This legal document pertains to the transfer of record or legal title of collateral in accordance with the Uniform Commercial Code. 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 postdefault remedies, and the acquisition of the debtor’s rights by a transferee. The transfer statement must include the names and addresses of the secured party, debtor, and transferee. If the statement is filed in the real property records, it must also include specific information about the mortgage or other record evidencing an interest in real property. A transfer statement filed in the real property records must contain an acknowledgment by the secured party. The document outlines the effect of a transfer statement, which entitles the transferee to the transfer of record of all rights of the debtor in the collateral in any official filing, recording, registration, or certificate of title system. The official or office responsible for maintaining the system must accept the transfer statement, amend its records, and issue a new appropriate certificate of title if applicable. The document 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 the Uniform Commercial Code. Additionally, it mentions that compliance with specific sections related to the transfer of certificates of title is considered providing a transfer statement for purposes of this section.
Whom does it apply to?
Secured parties, debtors, 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
Minnesota