400.9-105. Control of electronic chattel paper.
Control of electronic chattel paper.
400.9-105. A secured party has control of electronic chattel paper ifthe record or records comprising the chattel paper are created, stored, andassigned in such a manner that:
(1) A single authoritative copy of the record or records exists whichis unique, identifiable and, except as otherwise provided in paragraphs(4), (5), and (6), unalterable;
(2) The authoritative copy identifies the secured party as theassignee of the record or records;
(3) The authoritative copy is communicated to and maintained by thesecured party or its designated custodian;
(4) Copies or revisions that add or change an identified assignee ofthe authoritative copy can be made only with the participation of thesecured party;
(5) Each copy of the authoritative copy and any copy of a copy isreadily identifiable as a copy that is not the authoritative copy; and
(6) Any revision of the authoritative copy is readily identifiable asan authorized or unauthorized revision.
(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 7-01-01