12A:9-105 - Control of electronic chattel paper
12A:9-105 Control of electronic chattel paper.
12A:9-105. 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 which 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.
L.2001, c.117, s.1; amended 2001, c.386, s.4.