2000 Minnesota Statutes

     336.9-619 Transfer of record or legal title. 

    (a)    Transfer statement.  (1) In this section, 
 "transfer statement" means a record authenticated 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 postdefault 
 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; 

    (D) the name and mailing address of the secured party, 
 debtor, and transferee; and 

    (E) in addition, if the statement is to be filed in the 
 real property records concerning a mortgage or other record 
 evidencing an interest in real property, the statement must 
 state the following information concerning the mortgage or other 
 record evidencing an interest in real property: 

    (i) the name and title on the record; 

    (ii) the date on the record; 

    (iii) the names of the parties on the record; 

    (iv) the identity of the office of the county recorder or 
 registrar of titles where the record is filed; 

    (v) the date the record was filed; and 

    (vi) the identifying number of the record in the office of 
 the county recorder or registrar of titles. 

    (2) A transfer statement that is to be filed in the real 
 property records must contain an acknowledgment by the secured 
 party in a form sufficient to satisfy the requirements of 
 chapter 358. 

    (b)    Effect of transfer statement.  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 transferee. 

    (c)    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 (b) 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. 

    HIST: 2000 c 399 art 1 s 120 

*   NOTE:  This section, as added by Laws 2000, chapter 399, 
*article 1, section 120, is effective July 1, 2001.  Laws 2000, 
*chapter 399, article 1, section 130.