§12-102. Definitions
389 words·~2 min read·
/me/title-11-uniform-commercial-code/12-102A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). In this Article, unless the context otherwise indicates, the following terms have the following meanings.
(a). "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under section 12‑105 . "Controllable electronic record" does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, investment property, a transferable record or an electronic record that is a medium of exchange currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded or transferable in a system that existed and operated for a medium of exchange before the medium of exchange was authorized or adopted by the government. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
(b). "Qualifying purchaser" means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
(c). "Transferable record" has the same meaning as in:
(i)15 United States Code, Section 7021(a)(1); or
(ii)Title 10, section 9416, subsection 1 . [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
(d). "Value" has the same meaning provided in section 3‑1303, subsection
(1), as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record or controllable payment intangible. [PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
[PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
(2). The definitions in Article 9‑A of "account debtor," "controllable account," "controllable payment intangible," "chattel paper," "deposit account" and "investment property" apply to this Article.
[PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]
(3). Article 1‑A contains general definitions and principles of construction and interpretation applicable throughout this Article.
[PL 2023, c. 669, Pt. B, §1 (NEW); PL 2023, c. 669, Pt. E, §1 (AFF).]