§ 6A-7-106 - Control of electronic document of title.
SECTION 6A-7-106
§ 6A-7-106 Control of electronic documentof title. – (a) A person has control of an electronic document of title if a systememployed for evidencing the transfer of interests in the electronic documentreliably establishes that person as the person to which the electronic documentwas issued or transferred.
(b) A system satisfies subsection (a), and a person is deemedto 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 whichis unique, identifiable, and, except as otherwise provided in paragraphs (4),(5), and (6), unalterable;
(2) The authoritative copy identifies the person assertingcontrol as:
(A) The person to which the document was issued; or
(B) If the authoritative copy indicates that the document hasbeen transferred, the person to which the document was most recentlytransferred;
(3) The authoritative copy is communicated to and maintainedby the person asserting control or its designated custodian;
(4) Copies or amendments that add or change an identifiedassignee of the authoritative copy can be made only with the consent of theperson asserting control;
(5) Each copy of the authoritative copy and any copy of acopy is readily identifiable as a copy that is not the authoritative copy; and
(6) Any amendment of the authoritative copy is readilyidentifiable as authorized or unauthorized.