70A-9a-105 - Control of electronic chattel paper.
70A-9a-105. Control of electronic chattel paper.
A secured party has control of electronic chattel paper if the record or records comprisingthe 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, identifiableand, except as otherwise provided in Subsections (4), (5), and (6), unalterable;
(2) the authoritative copy identifies the secured party as the assignee of the record orrecords;
(3) the authoritative copy is communicated to and maintained by the secured party or itsdesignated custodian;
(4) copies or revisions that add or change an identified assignee of the authoritative copycan 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 acopy that is not the authoritative copy; and
(6) any revision of the authoritative copy is readily identifiable as an authorized orunauthorized revision.
Enacted by Chapter 252, 2000 General Session