§490:7-105  Reissuance in alternative
medium.  (a)  Upon request of a person entitled under an electronic
document of title, the issuer of the electronic document may issue a tangible
document of title as a substitute for the electronic document if:



(1)  The person entitled under the electronic document
surrenders control of the electronic document to the issuer; and



(2)  The tangible document when issued contains a
statement that it is issued in substitution for the electronic document.



(b)  Upon issuance of a tangible document of
title in substitution for an electronic document of title in accordance with
subsection (a):



(1)  The electronic document ceases to have any effect
or validity; and



(2)  The person that procured issuance of the tangible
document warrants to all subsequent persons entitled under the tangible
document that the warrantor was a person entitled under the electronic document
when the warrantor surrendered control of the electronic document to the
issuer.



(c)  Upon request of a person entitled under a
tangible document of title, the issuer of the tangible document may issue an
electronic document of title as a substitute for the tangible document if:



(1)  The person entitled under the tangible document
surrenders possession of the tangible document to the issuer; and



(2)  The electronic document when issued contains a
statement that it is issued in substitution for the tangible document.



(d)  Upon issuance of an electronic document of
title in substitution for a tangible document of title in accordance with
subsection (c):



(1)  The tangible document ceases to have any effect
or validity; and



(2)  The person that procured issuance of the
electronic document warrants to all subsequent persons entitled under the
electronic document that the warrantor was a person entitled under the tangible
document when the warrantor surrendered possession of the tangible document to
the issuer. [L 2004, c 163, pt of §1]