> ## Documentation Index
> Fetch the complete documentation index at: https://docs.digitalasset.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Transfer

The Transfer workflow moves ownership of holdings from one party to another.

The Registry App supports both two-step transfers and preapproved transfers.

### **Prerequisites**

Before a transfer can occur:

* The sender must hold the asset.
* The Registrar must have created the required transfer rules.
* The sender must satisfy the holder credential requirements.
* The receiver must satisfy the holder credential requirements.
* For preapproved transfers, the receiver must have created a Transfer Preapproval.

If no holder credential requirements are defined in the Instrument Configuration, transfers are permitted between any parties.

## **Transfer Mode 1: Offer and Accept**

In the offer-and-accept flow, the sender creates a transfer offer and the receiver explicitly accepts or rejects it.

### **Workflow**

1. The sender creates a Transfer offer.
2. The sender specifies:
   * Receiver party.
   * Instrument identifier.
   * Amount.
   * Registrar party.
   * Optional reference.
3. The Registry App selects holdings to cover the transfer amount.
4. The selected holdings are locked while the offer is pending.
5. The receiver reviews the Transfer offer.
6. The receiver accepts or rejects the offer.
7. If accepted, ownership moves from the sender to the receiver.
8. If rejected, the offer is voided and the locked holdings are released.

### **Withdrawal**

The sender may withdraw the Transfer offer before it is accepted.

If withdrawn, any locked holdings are released back to the sender.

## **Transfer Mode 2: Preapproved Transfer**

A preapproved transfer allows the sender to transfer holdings directly to a receiver without requiring the receiver to manually accept each transfer.

### **Prerequisites**

The receiver must create a Transfer Preapproval before the transfer is initiated.

The Transfer Preapproval can define:

* The Registrar whose instruments are eligible.
* Specific instrument identifiers.
* Whether all instruments from the Registrar are eligible.

If no instrument identifiers are specified, the preapproval applies to all instruments administered by the selected Registrar.

### **Workflow**

1. The receiver creates a Transfer Preapproval.
2. The sender initiates a transfer to the receiver.
3. The Registry App checks whether a matching Transfer Preapproval exists.
4. If a matching preapproval exists, the transfer executes immediately.
5. Ownership moves from the sender to the receiver.
6. No separate receiver acceptance step is required.