47-9105
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47-9105. Control of electronic chattel paper A secured party has control of electronic chattel paper 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 that is unique, identifiable and, except as otherwise provided in paragraphs 4, 5 and 6, unalterable; 2. The authoritative copy identifies the secured party as the assignee of the record or records; 3. The authoritative copy is communicated to and maintained by the secured party or its designated custodian; 4. Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation 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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision. |