(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to whom the electronic document was issued or transferred.
(b) A system satisfies (a) of this section, and a person is considered to have control of an electronic document of title, if the document is created, stored, and assigned in a manner by which
(1) a single authoritative copy of the document exists that is unique, identifiable, and, except as otherwise provided in (4), (5), and (6) of this subsection, unalterable;
(2) the authoritative copy identifies the person asserting control as
(A) the person to whom the document was issued; or
(B) if the authoritative copy indicates that the document has been transferred, the person to whom the document was most recently transferred;
(3) the authoritative copy is communicated to and maintained by the person asserting control or the person's designated custodian;
(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
(5) each copy of the authoritative copy and a copy of a copy are readily identifiable as a copy that is not the authoritative copy; and
(6) an amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
Section: Previous 45.07.101 45.07.111 45.07.112 45.07.113 45.07.114 45.07.115 45.07.116Last modified: November 15, 2016