N.J. Stat. § 12A:7-105

Current through L. 2023, c. 290.
Section 12A:7-105 - Reissuance in alternative medium
a. Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:
(1) the person entitled under the electronic document surrenders control of the document to the issuer; and
(2) the tangible document when issued contains a statement that it is issued in substitution for the electronic document.
b. Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection a. of this section:
(1) the electronic document ceases to have any effect or validity; and
(2) the person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.
c. Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:
(1) the person entitled under the tangible document surrenders possession of the document to the issuer; and
(2) the electronic document when issued contains a statement that it is issued in substitution for the tangible document.
d. Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection c. of this section:
(1) the tangible document ceases to have any effect or validity; and
(2) the person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

N.J.S. § 12A:7-105

Amended by L. , c. 65,s. 2, eff. 7/1/2013.
L.1961, c.120, s.7-105.