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Can you summarize NVRS 104.9619?
Uniform Commercial CodeOriginal Articles > Transfer of record or legal title.
Short Summary
This section of the Nevada Revised Statutes, specifically under the Uniform Commercial CodeOriginal Articles, governs 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 postdefault remedies, the acquisition of the debtor’s rights by a transferee, and the relevant parties’ names and mailing addresses. A 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, promptly amend its records, and issue a new appropriate certificate of title if applicable. It is important to note that a transfer of the record or legal title does not constitute a disposition of collateral under this article and does not relieve the secured party of its duties under this article.
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
Nevada