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2012 Statute


84-9-105.Control of electronic chattel paper. [See Revisor's Note] A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

(1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;

(2) the authoritative copy identifies the secured party as the assignee of the record or records;

(3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;

(4) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and

(6) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

History: L. 2000, ch. 142, § 5; July 1, 2001.

Revisor's Note:

Former section 84-9-105 was repealed by L. 2000, ch. 142, § 155 and the number reassigned to the current text.

CAUTION: Section was amended effective July 1, 2013, see L. 2012, ch. 84, § 2.

2020. Powered by KLISS. Rendered: 2020-10-27T04:05:47. Head Rev No: 345400