Statutes > New Mexico Statutes > Chapter 55 - Uniform Commercial Code. > Article 9 - Secured Transactions, 55-9-101 through 55-9-710. > Section 55-9-105 - Control of electronic chattel paper.

Section 55-9-105 - Control of electronic chattel paper.

55-9-105. 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:   

(a)     a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in Subsections (d) through (f) of this section, 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 revisions that add or change an identified assignee of the authoritative copy can be made only with the participation 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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.