Section 25-7-106 - 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) of this section, 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 subdivisions (4), (5), and (6) of this subsection, unalterable;(2) The authoritative copy identifies the person asserting control as: a. The person to whom the document was issued; orb. If the authoritative copy indicates that the document has been transferred, the person to whom 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.N.C. Gen. Stat. § 25-7-106
Added by 2006 N.C. Sess. Laws 112,s. 25, eff. 10/1/2006.