Section 9.105 - Control of Electronic Chattel Paper(a) 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) A system satisfies Subsection (a), and a secured party has control of electronic chattel paper, 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 that is unique, identifiable, and, except as otherwise provided in Subdivisions (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 identifiable as authorized or unauthorized.Tex. Bus. and Comm. Code § 9.105
Amended By Acts 2011, 82nd Leg., R.S., Ch. 67, Sec. 2, eff. 7/1/2013.Amended by Acts 1999, 76th Leg., ch. 414, Sec. 1.01, eff. 7/1/2001.