Current through 2024 NY Law Chapter 457
Section 9-105 - Control of Electronic Chattel PaperA 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 which is unique, identifiable and, except as otherwise provided in paragraphs (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 revisions that add or change an identified assignee of the authoritative copy can be made only with the participation 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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.