The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
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This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
47-9619 - Transfer of record or legal title; definition
47-9619. Transfer of record or legal title; definition
A. In this section, "transfer statement" means a record authenticated by a secured party and 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. 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 the transferee.
C. 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 chapter and does not of itself relieve the secured party of its duties under this chapter.