Illinois Compiled Statutes 810 ILCS 5 Uniform Commercial Code. Section 7-105

    (810 ILCS 5/7-105) (from Ch. 26, par. 7-105)

    Sec. 7-105. Reissuance in alternative medium.

    (a) Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:

        (1) the person entitled under the electronic document

    surrenders control of the document to the issuer; and

        (2) the tangible document when issued contains a

    statement that it is issued in substitution for the electronic document.

    (b) Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a):

        (1) the electronic document ceases to have any effect

    or validity; and

        (2) the person that procured issuance of the

    tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.

    (c) Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:

        (1) the person entitled under the tangible document

    surrenders possession of the document to the issuer; and

        (2) the electronic document when issued contains a

    statement that it is issued in substitution for the tangible document.

    (d) Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c):

        (1) the tangible document ceases to have any effect

    or validity; and

        (2) the person that procured issuance of the

    electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

(Source: P.A. 95-895, eff. 1-1-09.)

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Last modified: February 18, 2015