16-1616.Transferable records.
(a) In this section, "transferable record" means an electronic
record that:
(1) Would be a note under article 3 of chapter 84 of the Kansas Statutes
Annotated, and amendments thereto or a document under article 7 of chapter 84
of the Kansas Statutes Annotated, and amendments thereto if the electronic
record were in writing; and
(2) the issuer of the electronic record expressly has agreed is a
transferable record.
(b) A person has control of a transferable record if a system employed for
evidencing the transfer of interests in the transferable record reliably
establishes that person as the person to which the transferable record was
issued or transferred.
(c) A system satisfies subsection (b), and a person is deemed to have control
of a transferable record, if the transferable record is created, stored and
assigned in such a manner that:
(1) A single authoritative copy of the transferable record exists which 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 transferable record was issued; or
(B) if the authoritative copy indicates that the transferable record has been
transferred, the person to which the transferable record 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 revisions 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 revision of the authoritative copy is readily identifiable as
authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of a transferable
record is the holder, as defined in
K.S.A. 2009 Supp.
84-1-201(b)(21), and
amendments
thereto, of the transferable record and has the same rights and defenses as a
holder of an equivalent record or writing under the uniform commercial code,
including, if the applicable statutory requirements under K.S.A. 84-3-302(a),
or 84-9-308, or
K.S.A. 2009 Supp.
84-7-501, and amendments thereto, are
satisfied, the rights and
defenses of a holder in due course, a holder to which a negotiable document of
title has been duly negotiated, or a purchaser, respectively. Delivery,
possession, and indorsement are not required to obtain or exercise any of the
rights under this subsection.
(e) Except as otherwise agreed, an obligor under a transferable record has
the same rights and defenses as an equivalent obligor under equivalent records
or writings under the uniform commercial code.
(f) If requested by a person against which enforcement is sought, the person
seeking to enforce the transferable record shall provide reasonable proof that
the person is in control of the transferable record. Proof may include access
to the authoritative copy of the transferable record and related business
records sufficient to review the terms of the transferable record and to
establish the identity of the person having control of the transferable record.
History: L. 2000, ch. 120, § 16;
L. 2007, ch. 89, § 27;
L. 2007, ch. 195, § 8; July 1, 2008.
16-1616.Transferable records.
(a) In this section, "transferable record" means an electronic
record that:
(1) Would be a note under article 3 of chapter 84 of the Kansas Statutes
Annotated, and amendments thereto or a document under article 7 of chapter 84
of the Kansas Statutes Annotated, and amendments thereto if the electronic
record were in writing; and
(2) the issuer of the electronic record expressly has agreed is a
transferable record.
(b) A person has control of a transferable record if a system employed for
evidencing the transfer of interests in the transferable record reliably
establishes that person as the person to which the transferable record was
issued or transferred.
(c) A system satisfies subsection (b), and a person is deemed to have control
of a transferable record, if the transferable record is created, stored and
assigned in such a manner that:
(1) A single authoritative copy of the transferable record exists which 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 transferable record was issued; or
(B) if the authoritative copy indicates that the transferable record has been
transferred, the person to which the transferable record 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 revisions 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 revision of the authoritative copy is readily identifiable as
authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of a transferable
record is the holder, as defined in
K.S.A. 2009 Supp.
84-1-201(b)(21), and
amendments
thereto, of the transferable record and has the same rights and defenses as a
holder of an equivalent record or writing under the uniform commercial code,
including, if the applicable statutory requirements under K.S.A. 84-3-302(a),
or 84-9-308, or
K.S.A. 2009 Supp.
84-7-501, and amendments thereto, are
satisfied, the rights and
defenses of a holder in due course, a holder to which a negotiable document of
title has been duly negotiated, or a purchaser, respectively. Delivery,
possession, and indorsement are not required to obtain or exercise any of the
rights under this subsection.
(e) Except as otherwise agreed, an obligor under a transferable record has
the same rights and defenses as an equivalent obligor under equivalent records
or writings under the uniform commercial code.
(f) If requested by a person against which enforcement is sought, the person
seeking to enforce the transferable record shall provide reasonable proof that
the person is in control of the transferable record. Proof may include access
to the authoritative copy of the transferable record and related business
records sufficient to review the terms of the transferable record and to
establish the identity of the person having control of the transferable record.
History: L. 2000, ch. 120, § 16;
L. 2007, ch. 89, § 27;
L. 2007, ch. 195, § 8; July 1, 2008.
16-1616.Transferable records.
(a) In this section, "transferable record" means an electronic
record that:
(1) Would be a note under article 3 of chapter 84 of the Kansas Statutes
Annotated, and amendments thereto or a document under article 7 of chapter 84
of the Kansas Statutes Annotated, and amendments thereto if the electronic
record were in writing; and
(2) the issuer of the electronic record expressly has agreed is a
transferable record.
(b) A person has control of a transferable record if a system employed for
evidencing the transfer of interests in the transferable record reliably
establishes that person as the person to which the transferable record was
issued or transferred.
(c) A system satisfies subsection (b), and a person is deemed to have control
of a transferable record, if the transferable record is created, stored and
assigned in such a manner that:
(1) A single authoritative copy of the transferable record exists which 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 transferable record was issued; or
(B) if the authoritative copy indicates that the transferable record has been
transferred, the person to which the transferable record 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 revisions 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 revision of the authoritative copy is readily identifiable as
authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of a transferable
record is the holder, as defined in
K.S.A. 2009 Supp.
84-1-201(b)(21), and
amendments
thereto, of the transferable record and has the same rights and defenses as a
holder of an equivalent record or writing under the uniform commercial code,
including, if the applicable statutory requirements under K.S.A. 84-3-302(a),
or 84-9-308, or
K.S.A. 2009 Supp.
84-7-501, and amendments thereto, are
satisfied, the rights and
defenses of a holder in due course, a holder to which a negotiable document of
title has been duly negotiated, or a purchaser, respectively. Delivery,
possession, and indorsement are not required to obtain or exercise any of the
rights under this subsection.
(e) Except as otherwise agreed, an obligor under a transferable record has
the same rights and defenses as an equivalent obligor under equivalent records
or writings under the uniform commercial code.
(f) If requested by a person against which enforcement is sought, the person
seeking to enforce the transferable record shall provide reasonable proof that
the person is in control of the transferable record. Proof may include access
to the authoritative copy of the transferable record and related business
records sufficient to review the terms of the transferable record and to
establish the identity of the person having control of the transferable record.
History: L. 2000, ch. 120, § 16;
L. 2007, ch. 89, § 27;
L. 2007, ch. 195, § 8; July 1, 2008.