O.C.G.A. § 11-9-619 — Transfer of record or legal title

(a) “Transfer statement.” As used in this Code section, the term “transfer statement” means a record authenticated 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 postdefault 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) 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, 919 11-9-620 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) 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) of this Code 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. History. Code 1981, § 11-9-619, enacted by Ga. L. 2001, p. 362, § 1.