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(1) A secured party has control of electronic chattel paper if a system employed by evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to whom 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 Subsections (2)(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 - Utah Code Title 70A. Uniform Commercial Code § 70A-9a-105. Control of electronic chattel paper - last updated May 05, 2022 | https://codes.findlaw.com/ut/title-70a-uniform-commercial-code/ut-code-sect-70a-9a-105/
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