Section 47-9-105 - Control of electronic chattel paper

(a) General rule: control of electronic chattel paper. 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.(b)Specific facts giving control. A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subdivisions (b)(4), (5), and (6), unalterable;(2) The authoritative copy identifies the secured party as the assignee of the record or records;(3) The authoritative copy is communicated to and maintained by the secured party 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 secured party;(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

ed party;(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.Acts 2000, ch. 846, § 1; 2012 , ch. 708, § 4.