§ 42-127.1-16 Transferable records. –(a) In this section, "transferable record" means an electronic record that:
(1) Would be a note under chapter 3 of title 6A or a documentunder chapter 7 of title 6A if the electronic record were in writing; and
(2) The issuer of the electronic record expressly has agreedis a transferable record.
(b) A person has control of a transferable record if a systememployed for evidencing the transfer of interests in the transferable record ifa system employed for evidencing the transfer of interests in the transferablerecord reliably establishes that person as the person to which the transferablerecord was issued or transferred.
(c) A system satisfies subsection (b), and a person is deemedto have control of a transferable record, if the transferable record iscreated, stored, and assigned in such a manner that:
(1) A single authoritative copy of the transferable recordexists which is unique, identifiable, and, except as otherwise provided insubdivisions (4), (5), and (6), unalterable;
(2) The authoritative copy identifies the person assertingcontrol as: (i) the person to which the transferable record was issued; (ii) ifthe authoritative copy indicates that the transferable record has beentransferred, the person to which the transferable record was most recentlytransferred;
(3) The authoritative copy is communicated to and maintainedby the person asserting control or its designated custodian;
(4) Copies or revisions that add or change an identifiedassignee of the authoritative copy can be made only with the consent of theperson asserting control;
(5) Each copy of the authoritative copy and any copy of acopy is readily identifiable as a copy that is not the authoritative copy; and
(6) Any revision of the authoritative copy is readilyidentifiable as authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of atransferable record is the holder, as defined in § 6A-1-201(20), of thetransferable record and has the same rights and defenses as a holder of anequivalent record or writing under title 6A, including, if the applicablestatutory requirements under §§ 6A-3-302(a), 6A-7-501, or 6A-9-308are satisfied, the rights and defenses of a holder in due course, a holder towhich a negotiable document of title has been duly negotiated, or a purchaser,respectively. Delivery, possession, and endorsement are not required to obtainor exercise any of the rights under this subsection.
(e) Except as otherwise agreed, an obligor under atransferable record has the same rights and defenses as an equivalent obligorunder equivalent records or writings under title 6A.
(f) If requested by a person against which enforcement issought, the person seeking to enforce the transferable record shall providereasonable proof that the person is in control of the transferable record.Proof may include access to the authoritative copy of the transferable recordand to establish the identity of the person having control of the transferablerecord.
§ 42-127.1-16 Transferable records. –(a) In this section, "transferable record" means an electronic record that:
(1) Would be a note under chapter 3 of title 6A or a documentunder chapter 7 of title 6A if the electronic record were in writing; and
(2) The issuer of the electronic record expressly has agreedis a transferable record.
(b) A person has control of a transferable record if a systememployed for evidencing the transfer of interests in the transferable record ifa system employed for evidencing the transfer of interests in the transferablerecord reliably establishes that person as the person to which the transferablerecord was issued or transferred.
(c) A system satisfies subsection (b), and a person is deemedto have control of a transferable record, if the transferable record iscreated, stored, and assigned in such a manner that:
(1) A single authoritative copy of the transferable recordexists which is unique, identifiable, and, except as otherwise provided insubdivisions (4), (5), and (6), unalterable;
(2) The authoritative copy identifies the person assertingcontrol as: (i) the person to which the transferable record was issued; (ii) ifthe authoritative copy indicates that the transferable record has beentransferred, the person to which the transferable record was most recentlytransferred;
(3) The authoritative copy is communicated to and maintainedby the person asserting control or its designated custodian;
(4) Copies or revisions that add or change an identifiedassignee of the authoritative copy can be made only with the consent of theperson asserting control;
(5) Each copy of the authoritative copy and any copy of acopy is readily identifiable as a copy that is not the authoritative copy; and
(6) Any revision of the authoritative copy is readilyidentifiable as authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of atransferable record is the holder, as defined in § 6A-1-201(20), of thetransferable record and has the same rights and defenses as a holder of anequivalent record or writing under title 6A, including, if the applicablestatutory requirements under §§ 6A-3-302(a), 6A-7-501, or 6A-9-308are satisfied, the rights and defenses of a holder in due course, a holder towhich a negotiable document of title has been duly negotiated, or a purchaser,respectively. Delivery, possession, and endorsement are not required to obtainor exercise any of the rights under this subsection.
(e) Except as otherwise agreed, an obligor under atransferable record has the same rights and defenses as an equivalent obligorunder equivalent records or writings under title 6A.
(f) If requested by a person against which enforcement issought, the person seeking to enforce the transferable record shall providereasonable proof that the person is in control of the transferable record.Proof may include access to the authoritative copy of the transferable recordand to establish the identity of the person having control of the transferablerecord.
§ 42-127.1-16 Transferable records. –(a) In this section, "transferable record" means an electronic record that:
(1) Would be a note under chapter 3 of title 6A or a documentunder chapter 7 of title 6A if the electronic record were in writing; and
(2) The issuer of the electronic record expressly has agreedis a transferable record.
(b) A person has control of a transferable record if a systememployed for evidencing the transfer of interests in the transferable record ifa system employed for evidencing the transfer of interests in the transferablerecord reliably establishes that person as the person to which the transferablerecord was issued or transferred.
(c) A system satisfies subsection (b), and a person is deemedto have control of a transferable record, if the transferable record iscreated, stored, and assigned in such a manner that:
(1) A single authoritative copy of the transferable recordexists which is unique, identifiable, and, except as otherwise provided insubdivisions (4), (5), and (6), unalterable;
(2) The authoritative copy identifies the person assertingcontrol as: (i) the person to which the transferable record was issued; (ii) ifthe authoritative copy indicates that the transferable record has beentransferred, the person to which the transferable record was most recentlytransferred;
(3) The authoritative copy is communicated to and maintainedby the person asserting control or its designated custodian;
(4) Copies or revisions that add or change an identifiedassignee of the authoritative copy can be made only with the consent of theperson asserting control;
(5) Each copy of the authoritative copy and any copy of acopy is readily identifiable as a copy that is not the authoritative copy; and
(6) Any revision of the authoritative copy is readilyidentifiable as authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of atransferable record is the holder, as defined in § 6A-1-201(20), of thetransferable record and has the same rights and defenses as a holder of anequivalent record or writing under title 6A, including, if the applicablestatutory requirements under §§ 6A-3-302(a), 6A-7-501, or 6A-9-308are satisfied, the rights and defenses of a holder in due course, a holder towhich a negotiable document of title has been duly negotiated, or a purchaser,respectively. Delivery, possession, and endorsement are not required to obtainor exercise any of the rights under this subsection.
(e) Except as otherwise agreed, an obligor under atransferable record has the same rights and defenses as an equivalent obligorunder equivalent records or writings under title 6A.
(f) If requested by a person against which enforcement issought, the person seeking to enforce the transferable record shall providereasonable proof that the person is in control of the transferable record.Proof may include access to the authoritative copy of the transferable recordand to establish the identity of the person having control of the transferablerecord.
