57A-9-105. Control of electronic chattel paper.
(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) A system satisfies subsection (a) and a secured party has control of electronic chattel paper, if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
(1)A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2)The authoritative copy identifies the secured party as the assignee of the record or records;
(3)The authoritative copy is communicated to and maintained by the secured party or its 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 secured party;
(5)Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
(6)Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
Source: SL 2000, ch 231; SL 2012, ch 238, §2, eff. July 1, 2013.