§490:7-106  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), 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 that is unique, identifiable, and, except as otherwise provided in
paragraphs (4), (5), and (6), 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. [L 2004, c 163, pt of §1]