Sec. 42a-7-106. Control of electronic document of title.
Sec. 42a-7-106. Control of electronic document of title. (a) A person has control
of an electronic document of title if a system employed for evidencing the transfer of
interests in the electronic document reliably establishes that person as the person to
which the electronic document was issued or transferred.
(b) A system satisfies subsection (a) of this section, and a person is deemed to have
control of an electronic document of title, if the document is created, stored and assigned
in such a manner that:
(1) A single authoritative copy of the document exists which is unique, identifiable
and, except as otherwise provided in subdivisions (4), (5) and (6) of this subsection,
unalterable;
(2) The authoritative copy identifies the person asserting control as:
(A) The person to which the document was issued; or
(B) If the authoritative copy indicates that the document has been transferred, the
person to which the document was most recently transferred;
(3) The authoritative copy is communicated to and maintained by the person asserting control 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 person asserting control;
(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.
(P.A. 04-64, S. 6.)