382-A:12-105 Control of Controllable Electronic Record. –
(a) General rule: control of controllable electronic record. A person has control of a controllable electronic record if:
(1) the electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded gives the person:
(A) the power to avail itself of substantially all the benefit from the electronic record; and
(B) exclusive power, subject to subsection (b), to:
(i) prevent others from availing themselves of substantially all the benefit from the electronic record; and
(ii) transfer control of the electronic record to another person or cause another person to obtain control of another controllable electronic record as a result of the transfer of the electronic record; and
(2) the electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as having the powers specified in paragraph (1).
(b) Presumption of exclusivity of certain powers. If a person has the powers that are specified in subsection (a)(1)(B), the powers are presumed to be exclusive.
(c) Control through another person. A person has control of a controllable electronic record if another person, other than the transferor of an interest in the electronic record:
(1) has control of the electronic record and acknowledges that it has control on behalf of the person, or
(2) obtains control of the electronic record after having acknowledged that it will obtain control of the electronic record on behalf of the person.
(d) No requirement to acknowledge. A person that has control under this section is not required to acknowledge that it has control on behalf of another person.
(e) No duties or confirmation. If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this article otherwise provides, the person does not owe any duty to the other person and is not required to confirm the acknowledgment to another person.
(f) Meaning of exclusive. A power specified in subsection (a)(1) is exclusive, even if:
(1) the controllable electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded limits the use of the electronic record or has a protocol programmed to cause a change, including a transfer or loss of control or a modification of benefits afforded by the electronic record; or
(2) the person shares the power with another person.
Source. 2022, 281:81, eff. Jan. 1, 2023.