CONTROL OF ELECTRONIC COPY OF RECORD EVIDENCING CHATTEL PAPER (a) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.(b) A system satisfies subsection (a) of this section if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6) of this section, unalterable;(2) the authoritative copy identifies the purchaser as the assignee of the record or records;(3) the authoritative copy is communicated to and maintained by the purchaser or its designated custodian;(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser;(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(6) any amendment e made only with the consent of the purchaser;(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(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.(c) A system satisfies subsection (a) of this section, and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:(1) enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;(2) enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and(3) gives the purchaser exclusive power, subject to subsection (d) of this section, to:(A)prevent others from adding or changing an identified assignee of the authoritative electronic copy; and(B)transfer control of the authoritative electronic copy.(d) Subject to subsection (e) on, to:(A)prevent others from adding or changing an identified assignee of the authoritative electronic copy; and(B)transfer control of the authoritative electronic copy.(d) Subject to subsection (e) of this section, a power is exclusive under subparagraphs (A) and (B) of paragraph 3 of subsection (c) of this section even if:(1) the authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or(2) the power is shared with another person.(e) A power of a purchaser is not shared with another person under paragraph 2 of subsection (d) of this section and the purchaser's power is not exclusive if:(1) the purchaser can exercise the power only if the power also is exercised by the other person; and(2) the other person:(A)can exercise the power without exercise of the power by the purchaser; or(B)is the transferor to the purchaser of an interest in the chattel paper.(f) If a purchaser has the powers specified in subparagraphs cise the power without exercise of the power by the purchaser; or(B)is the transferor to the purchaser of an interest in the chattel paper.(f) If a purchaser has the powers specified in subparagraphs (A) and (B) of paragraph (3) of subsection (c) of this section, the powers are presumed to be exclusive.(g) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:(1) has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or(2) obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.Added by Laws 2000, c. 371, § 5, eff. July 1, 2001. Amended by Laws 2015, c. 374, § 2, eff. Nov. 1, 2015; Laws 2024, c. 13, § 44, eff. Nov. 1, 2024.
Oklahoma Legal Code