Section 36-7-106 - Control of electronic document of title(a) A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.(b) A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:(1) a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in items (4), (5), and (6), unalterable;(2) the authoritative copy identifies the person asserting control as:(A) the person to which the document was issued; or(B) if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;(3) the authoritative copy is communicated to and maintained by the person asserting control 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 person asserting control;(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.Amended by 2014 S.C. Acts, Act No. 213 (SB 343), s 2, eff. 10/1/2014. 2014 Act No. 213, Section 51, provides as follows:
"SECTION 51. This act becomes effective on October 1, 2014. It applies to transactions entered into and events occurring after that date."