70A-7a-105 - Reissuance in alternative medium.
70A-7a-105. Reissuance in alternative medium.
(1) Upon request of a person entitled under an electronic document of title, the issuer ofthe electronic document may issue a tangible document of title as a substitute for the electronicdocument if:
(a) the person entitled under the electronic document surrenders control of the documentto the issuer; and
(b) the tangible document when issued contains a statement that it is issued insubstitution for the electronic document.
(2) Upon issuance of a tangible document of title in substitution for an electronicdocument of title in accordance with Subsection (1):
(a) the electronic document ceases to have any effect or validity; and
(b) the person that procured issuance of the tangible document warrants to all subsequentpersons entitled under the tangible document that the warrantor was a person entitled under theelectronic document when the warrantor surrendered control of the electronic document to theissuer.
(3) Upon request of a person entitled under a tangible document of title, the issuer of thetangible document may issue an electronic document of title as a substitute for the tangibledocument if:
(a) the person entitled under the tangible document surrenders possession of thedocument to the issuer; and
(b) the electronic document when issued contains a statement that it is issued insubstitution for the tangible document.
(4) Upon issuance of an electronic document of title in substitution for a tangibledocument of title in accordance with Subsection (3):
(a) the tangible document ceases to have any effect or validity; and
(b) the person that procured issuance of the electronic document warrants to allsubsequent persons entitled under the electronic document that the warrantor was a personentitled under the tangible document when the warrantor surrendered possession of the tangibledocument to the issuer.
Enacted by Chapter 42, 2006 General Session