Section 7-1106 - [Effective Until 7/1/2025] Control of electronic document of title(1). 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. [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).]
(2). A system satisfies subsection (1), 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:(a). A single authoritative copy of the document exists that is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f), unalterable; [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).](b). The authoritative copy identifies the person asserting control as: (i) The person to which the document was issued; or(ii) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred; [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).](c). The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian; [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).](d). 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; [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).](e). 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 [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).](f). Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).] [2009, c. 324, Pt. A, §2(NEW); 2009, c. 324, Pt. A, §4(AFF).]
2009, c. 324, Pt. A, §2 (NEW) . 2009, c. 324, Pt. A, §4 (AFF) .This section is set out more than once due to postponed, multiple, or conflicting amendments.