47-7106
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47-7106. Control of electronic document of title A. 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. B. A system satisfies subsection A 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: 1. A single authoritative copy of the document exists that is unique, identifiable and, except as otherwise provided in paragraphs 4, 5, and 6, unalterable; 2. The authoritative copy identifies the person asserting control as: (a) The person to which the document was issued; or (b) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred; 3. The authoritative copy is communicated to and maintained by the person asserting control 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 person asserting control; 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 or unauthorized. |