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(810 ILCS 5/9-619) (Text of Section before amendment by P.A. 103-1036) Sec. 9-619. Transfer of record or legal title. (a) "Transfer statement." In this Section, "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;
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|
(2) that the secured party has exercised its
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| post-default remedies with respect to the collateral;
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|
(3) that, by reason of the exercise, a transferee has
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| acquired the rights of the debtor in the collateral; and
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|
(4) the name and mailing address of the secured
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| party, debtor, and transferee.
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|
(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
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|
(3) if applicable, issue a new appropriate
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| certificate of title in the name of the transferee.
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|
(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.
(Source: P.A. 91-893, eff. 7-1-01.)
(Text of Section after amendment by P.A. 103-1036)
Sec. 9-619. Transfer of record or legal title.
(a) "Transfer statement." In this Section, "transfer statement" means a record signed 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
|
| post-default 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, 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
|
|
(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) 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.
(Source: P.A. 103-1036, eff. 1-1-25.)
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