11-7-106. Control of electronic document of title.
222 words·~1 min read·
/ga/title-11-commercial-code/part-1-general/11-7-106·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 which the electronic document was issued or transferred.
A system satisfies subsection
(a)of this Code section, and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in a manner that:
A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and
(6)of this subsection, unalterable;
The authoritative copy identifies the person asserting control as:
The person to which the document was issued; or
If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
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;
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
Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.