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General Laws

[ Text of section effective until July 1, 2013. For text effective July 1, 2013, see below.]

  Section 7-105. The omission from either Part 2 or Part 3 of this Article of a provision corresponding to a provision made in the other Part does not imply that a corresponding rule of law is not applicable.

Chapter 106: Section 7-105. Reissuance In Alternative Medium

[ Text of section as recodified by 2013, 30, Sec. 45 effective July 1, 2013 applicable as provided by 2013, 30, Sec. 116. For text effective until July 1, 2013, see above.]

  Section 7-105. (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):

  (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):

  (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.

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