SECTION 96.63. Assignment

(a) Disclosed in Transition Property Notice. An initial transition property notice signed by the financing party or assignee of record may disclose an assignment of a security interest of a financing party or of the interest of an assignee in the transition property described in the transition property notice by indicating the name and address of the transferee.

(b) Separate Notice of Assignment. A financing party or assignee of record may assign all or a part of its rights under a transition property notice by submitting a form for evidencing an amendment to a transition property notice or by submitting a copy of the assignment or a document identified as a notice of assignment that contains:

(1) The name and address of the financing party or assignee of record;

(2) The file number and the filing date of the transition property notice;

(3) The name and address of the transferee;

(4) A description of the interest in the transition property being assigned and a statement whether the interest represents an assignment of all or part of the rights of the financing party or assignee of record under the transition property notice; and

(5) The financing order docket number for the financing order from which the transition property is derived.

(c) Status of Transferee. After the filing of an assignment under this section, the transferee becomes the financing party or assignee of record as to the interest assigned.

Source Note: The provisions of this §96.63 adopted to be effective September 4, 2001, 26 TexReg 6658