53-12-40. "Transferable record" defined.
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/sd/title-53/chapter-53-12/53-12-40A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
For purposes of this chapter, the term, transferable record, means an electronic record that:
(1)Would be a note under Article 3 of the Uniform Commercial Code or a document under Article 7 of the Uniform Commercial Code if the electronic record were in writing; and
(2)The issuer of the electronic record expressly has agreed is a transferable record.