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General Laws

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

  Section 9-105. A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

  (1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;

  (2) the authoritative copy identifies the secured party as the assignee of the record or records;

  (3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;

  (4) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

  (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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

Chapter 106: Section 9-105. Control of Electronic Chattel Paper

[ Text of section as amended by 2013, 30, Sec. 90 effective July 1, 2013 . See 2013, 30, Sec. 117. For text effective until July 1, 2013, see above.]

  Section 9-105. (a) 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.

  (b) Specific facts giving control. A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:

  (1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in clauses (4), (5) and (6), unalterable;

  (2) the authoritative copy identifies the secured party as the assignee of the record or records;

  (3) the authoritative copy is communicated to and maintained by the secured party 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 secured party;

  (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.

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