70A-7a-105. Reissuance in alternative medium.

309 words·~1 min read·/ut/title-70a/chapter-7a/70a-7a-105

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

(1)Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:

(a)the person entitled under the electronic document surrenders control of the document to the issuer; and

(b)the tangible document when issued contains a statement that it is issued in substitution for the electronic document.

(2)Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with Subsection

(1):

(a)the electronic document ceases to have any effect or validity; and

(b)the person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.

(3)Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:

(a)the person entitled under the tangible document surrenders possession of the document to the issuer; and

(b)the electronic document when issued contains a statement that it is issued in substitution for the tangible document.

(4)Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with Subsection

(3):

(a)the tangible document ceases to have any effect or validity; and

(b)the person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

Enacted by Chapter 42 , 2006 General Session