(a) General Rule: Control of Electronic Chattel Paper.--A secured party has control
of electronic chattel paper if a system employed for evidencing the transfer of interests
in the chattel paper reliably establishes the secured party as the person to which
the chattel paper was assigned.
(b) Specific Facts Giving Control.--A system satisfies subsection (a) of this section
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 subdivisions (4), (5), and (6) of this section,
(2) The authoritative copy identifies the secured party as the assignee of the record
(3) The authoritative copy is communicated to and maintained by the secured party
or its designated custodian;
(4) Copies or amendments that add or change an identified assignee of the authoritative
copy can be made only with the consent 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 amendment of the authoritative copy is readily identifiable as authorized
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