Statute 104 7105

1. Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if: (a) The person entitled under the electronic document surrenders control of the document to the issuer; and (b) The tangible document when issued contains a statement that it is issued in substitution for the electronic document. 2. Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection 1: (a) The electronic document ceases to have any effect or validity; and (b) The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer. 3. Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if: (a) The person entitled under the tangible document surrenders possession of

he issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if: (a) The person entitled under the tangible document surrenders possession of the document to the issuer; and (b) The electronic document when issued contains a statement that it is issued in substitution for the tangible document. 4. Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection 3: (a) The tangible document ceases to have any effect or validity; and (b) The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer. (Added to NRS by 2005, 834)