Sec. 45.07.116. Control of electronic document of title.

245 words·~1 min read·/ak/title-45/chapter-7/45-07-116

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)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 whom the electronic document was issued or transferred.

(b)A system satisfies

(a)of this section, and a person is considered to have control of an electronic document of title, if the document is created, stored, and assigned in a manner by which

(1)a single authoritative copy of the document exists that is unique, identifiable, and, except as otherwise provided in (4), (5), and

(6)of this subsection, unalterable;

(2)the authoritative copy identifies the person asserting control as

(A)the person to whom the document was issued; or

(B)if the authoritative copy indicates that the document has been transferred, the person to whom the document was most recently transferred;

(3)the authoritative copy is communicated to and maintained by the person asserting control or the person's 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 person asserting control;

(5)each copy of the authoritative copy and a copy of a copy are readily identifiable as a copy that is not the authoritative copy; and

(6)an amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Article 2. Warehouse Receipts: Special Provisions.