12A:7-106. Control of electronic document of title.
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/nj/title-12a/chapter-7/12a-7-106A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Control of Electronic Document of Title.
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 which the electronic document was issued or transferred.
b. A system satisfies subsection a. of this section, and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
(1)a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2)the authoritative copy identifies the person asserting control as:
(a)the person to which the document was issued; or
(b)if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
(3)the authoritative copy is communicated to and maintained by the person asserting control 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 person asserting control;
(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.
L.2013, c.65, s.2.