Section 400.9-105

Title XXVI TRADE AND COMMERCE

Chapter 400

Effective - 01 Jul 2001, 2 histories, see footnote   (history) 

  400.9-105.  Control of electronic chattel paper. — 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 revisions that add or change an identified assignee of the authoritative copy can be made only with the participation 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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

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L. 1963 p. 503 § 9-105, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-1-01