26-1-11-108. Control of Controllable Electronic Record; Necessary Conditions; Exclusive Power
Sec. 108. (a) A person has control of a controllable electronic record if the following conditions are met: (1) The controllable electronic record or the system in which the controllable electronic record is recorded, if any, gives the person: (A) the power to derive substantially all the benefit from the controllable electronic record; (B) subject […]
26-1-11-104. “Controllable Electronic Record”
Sec. 104. (a) As used in this chapter, “controllable electronic record” means a record stored in an electronic medium that can be subjected to control under section 108 of this chapter. (b) The term does not include: (1) a deposit account; (2) an electronic copy of a record evidencing chattel paper; (3) an electronic document […]
26-1-11-105. “Controllable Payment Intangible”
Sec. 105. As used in this chapter, “controllable payment intangible” means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay the person that, under section 108 of this chapter, has control of the controllable electronic record. As added by P.L.110-2022, SEC.7.
26-1-11-106. “Qualifying Purchaser”
Sec. 106. As used in this chapter, “qualifying purchaser”, with respect to a controllable electronic record, means a purchaser that obtains control of the controllable electronic record for value and without notice of any adverse claim. As added by P.L.110-2022, SEC.7.
26-1-11-107. Rights in Controllable Electronic Record; Rights of Purchaser and Qualifying Purchaser; Action Based on Adverse Claim; Notice
Sec. 107. (a) Subject to subsections (b) through (e), laws other than this chapter determine: (1) whether a person acquires rights in a controllable electronic record; and (2) the rights the person acquires. (b) A purchaser of a controllable electronic record acquires all rights in the controllable electronic record that the transferor had or had […]
26-1-11-101. Applicability
Sec. 101. (a) This chapter applies to a transaction involving a controllable electronic record that is entered into after June 30, 2022. (b) This chapter applies to the acquisition and purchase of rights in a controllable account or controllable payment intangible, including the rights of a purchaser and a qualifying purchaser under section 107 of […]
26-1-11-102. “Adverse Claim”
Sec. 102. As used in this chapter, “adverse claim”, with respect to a controllable electronic record, means a claim: (1) that a claimant has a property interest in the controllable electronic record; and (2) that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the […]
26-1-11-103. “Controllable Account”
Sec. 103. As used in this chapter, “controllable account” means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay the person that, under section 108 of this chapter, has control of the controllable electronic record. As added by P.L.110-2022, SEC.7.