Section 55-9-105 - Control of electronic chattel paper. - New-mexico Statutes

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55-9-105. Control of electronic chattel paper.

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:

(a) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in Subsections (d) through (f) of this section, unalterable;

(b) the authoritative copy identifies the secured party as the assignee of the record or records;

(c) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;

(d) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

(e) 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

(f) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

State Codes and Statutes

Statutes > New-mexico > Chapter-55 > Article-9 > Section-55-9-105

55-9-105. Control of electronic chattel paper.

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:

(a) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in Subsections (d) through (f) of this section, unalterable;

(b) the authoritative copy identifies the secured party as the assignee of the record or records;

(c) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;

(d) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

(e) 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

(f) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

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State Codes and Statutes

Statutes > New-mexico > Chapter-55 > Article-9 > Section-55-9-105

55-9-105. Control of electronic chattel paper.

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:

(a) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in Subsections (d) through (f) of this section, unalterable;

(b) the authoritative copy identifies the secured party as the assignee of the record or records;

(c) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;

(d) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

(e) 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

(f) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.