30-9A-105. Control of electronic chattel paper. (1) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (2) A system satisfies subsection (1) 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 that is unique, identifiable, and except as otherwise provided in subsections (2)(d), (2)(e), and (2)(f), 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 amendments that add or change an identified assignee of the authoritative copy can be made only with the consent 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 amendment of the authoritative copy is readily identifiable as authorized or uthoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and (f) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. History: En. Sec. 4, Ch. 305, L. 1999; Sec. 30-9-125, MCA 1999; redes. 30-9A-105 by Code Commissioner, 2001; amd. Sec. 3, Ch. 75, L. 2013.
Montana Legal Code