12A:7-105. Reissuance in alternative medium.
12A: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. of this section:
(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. of this section:
(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.
L.2013, c.65, s.2.
Section: Previous 12a-5-116 12a-5-117 12a-5-118 12a-7-101 12a-7-102 12a-7-103 12a-7-104 12a-7-105 12a-7-106 12a-7-201 12a-7-202 12a-7-203 12a-7-204 12a-7-205 12a-7-206 Next
Last modified: October 11, 2016