§ 9-105. 9-105

201 words·~1 min read·/us/ucc/a9/s9-105

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

(a)[General rule: control of electronic chattel paper.] A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.

(b)[Specific facts giving control.] A system satisfies subsection

(a)if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

(1)a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;

(2)the authoritative copy identifies the secured party as the assignee of the record or records;

(3)the authoritative copy is communicated to and maintained by the secured party 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 secured party;

(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.