§ 25-7-106. Control of electronic document of title.
§ 25‑7‑106. Control of electronic document of title.
(a) A person hascontrol of an electronic document of title if a system employed for evidencingthe transfer of interests in the electronic document reliably establishes thatperson as the person to which the electronic document was issued ortransferred.
(b) A system satisfiessubsection (a) of this section, and a person is deemed to have control of anelectronic document of title, if the document is created, stored, and assignedin such a manner that:
(1) A singleauthoritative copy of the document exists which is unique, identifiable, and,except as otherwise provided in subdivisions (4), (5), and (6) of thissubsection, unalterable;
(2) The authoritativecopy identifies the person asserting control as:
a. The person to whomthe document was issued; or
b. If the authoritativecopy indicates that the document has been transferred, the person to whom thedocument was most recently transferred;
(3) The authoritativecopy is communicated to and maintained by the person asserting control or itsdesignated custodian;
(4) Copies or amendmentsthat add or change an identified assignee of the authoritative copy can be madeonly with the consent of the person asserting control;
(5) Each copy of theauthoritative copy and any copy of a copy is readily identifiable as a copythat is not the authoritative copy; and
(6) Any amendment of theauthoritative copy is readily identifiable as authorized or unauthorized. (2006‑112, s. 25.)