Current as of January 01, 2020 | Updated by FindLaw Staff
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1. 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.
2. A system satisfies subsection 1 if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:
(a) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f), unalterable;
(b) The authoritative copy identifies the secured party as the assignee of the record or records;
(c) The authoritative copy is communicated to and maintained by the secured party 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 secured party;
(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 or unauthorized.
Cite this article: FindLaw.com - Nevada Revised Statutes Title 8. Commercial Instruments and Transactions § 104.9105. Control of electronic chattel paper; employment of system for evidencing transfer of interests in chattel paper - last updated January 01, 2020 | https://codes.findlaw.com/nv/title-8-commercial-instruments-and-transactions/nv-rev-st-104-9105/
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