(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.\n(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:\n(1) a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in clauses (4), (5) and (6), unalterable;\n(2) the authoritative copy identifies the person asserting control as:\n(A) the person to which the document was issued; or\n(B) if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;\n(3) the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;\n(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;\n(5) each copy of the nated custodian;\n(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;\n(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\n(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
Massachusetts Legal Code