Ala. Code § 33-5B-19

Current through the 2024 Regular Session.

Section 33-5B-19 - Transfer of ownership by secured party's transfer statement

(a) In this section, "secured party's transfer statement" means a record signed by the secured party of record stating:

(1) that there has been a default on an obligation secured by the vessel;

(2) that the secured party of record has exercised post-default remedies with respect to the vessel;

(3) that, by reason of the exercise, a transferee has acquired the ownership interest of an owner;

(4) the name of the owner whose ownership interest has been acquired by the transferee;

(5) the name and last known mailing address of the owner of record and the secured party of record;

(6) the name of the transferee;

(7) other information required by Section 33-5B-7(b); and

(8) one of the following:

(A) that the certificate of title is an electronic certificate;

(B) that the secured party does not have possession of the written certificate of title created in the name of the owner of record; or

(C) that the secured party of record is delivering the written certificate of title created in the name of the owner of record to the office, with the release form signed, with the transfer statement.

(b) Unless the office rejects a secured party's transfer statement for a reason stated in Section 33-5B-8(c), after delivery to the office of the statement and the applicable fee the office shall:

(1) accept the statement;

(2) amend its files to reflect the transfer; and

(3) if the name of the owner whose ownership interest has been transferred is indicated on the certificate of title:

(A) cancel the certificate;

(B) create a new certificate substituting the name of the transferee for the name of the owner; and

(C) deliver the new certificate or a record evidencing an electronic certificate pursuant to Section 33-5B-12(a).

(c) An application under subsection (a) or the creation of a certificate of title under subsection (b) is not by itself a disposition of the vessel and does not by itself relieve the secured party of its duties under Article 9A of Title 7.

Ala. Code § 33-5B-19 (1975)

Added by Act 2022-144,§ 19, eff. 1/1/2024.