(1) A person has control of an electronic document of title if a system employed
for evidencing the transfer of interests in the electronic document reliably establishes
that person as the person to which the electronic document was issued or transferred.
(2) A system satisfies subsection (1) of this section, and a person is deemed to
have control of an electronic document of title, if the document is created, stored,
and assigned in such a manner that:
(a) A single authoritative copy of the document exists which is unique, identifiable,
and, except as otherwise provided in paragraphs (d), (e), and (f) of this subsection,
(b) The authoritative copy identifies the person asserting control as:
1. The person to which the document was issued; or
2. If the authoritative copy indicates that the document has been transferred, the
person to which the document was most recently transferred;
(c) The authoritative copy is communicated to and maintained by the person asserting
control or its designated custodian;
(d) Copies or amendments that add or change an identified assignee of the authoritative
copy can be made only with the consent of the person asserting control;
(e) 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
(f) Any amendment of the authoritative copy is readily identifiable as authorized
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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