554.9105 Control of electronic chattel paper.
1. General rule: control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
2. Specific facts giving control. A system satisfies subsection 1 if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
a. a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs “d”, “e”, and “f”, unalterable;
b. the authoritative copy identifies the secured party as the assignee of the record or records;
c. the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
d. copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
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
f. any amendment of the authoritative copy is readily identifiable as an authorized or unauthorized revision.
2000 Acts, ch 1149, §5, 185, 187; 2012 Acts, ch 1052, §4, 37
Referred to in §554.9203, 554.9207, 554.9208, 554.9314, 554.9330, 554.9601
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.