§ 12—102.
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/vt/12-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 12—102. Definitions
(a)In this article:
(1)“Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under section 12—105 of this title. The term 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, electronic money, investment property, or a transferable record.
(2)“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.
(3)“Transferable record” has the meaning provided for that term:
(A)in section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7021(a)(1), as may be amended; or
(B)as defined in 9 V.S.A. § 285.
(4)“Value” has the meaning provided in subsection 3—303(a) of this title, as if references in that subsection to an “instrument” were references to a controllable account, controllable electronic record, or controllable payment intangible.
(b)The definitions in Article 9 of this title of “account debtor,” “controllable account,” “controllable payment intangible,” “chattel paper,” “deposit account,” “electronic money,” and “investment property” apply to this article. (Added 2025, No. 17, § 10, eff. July 1, 2025.)