RCW 62A.9A-105
701 words·~3 min read·
/wa/title-62a/chapter-62a-9a/62a-9a-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 copy of record evidencing chattel paper. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.
(b)Single authoritative copy. A system satisfies subsection
(a)of this section if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:
(1)A single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in (4), (5), and
(6)of this subsection, unalterable;
(2)The authoritative copy identifies the purchaser as the assignee of the record or records;
(3)The authoritative copy is communicated to and maintained by the purchaser 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 purchaser;
(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.
(c)One or more authoritative copies. A system satisfies subsection
(a)of this section, and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:
(1)Enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;
(2)Enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and
(3)Gives the purchaser exclusive power, subject to subsection
(d)of this section, to:
(A)Prevent others from adding or changing an identified assignee of the authoritative electronic copy; and
(B)Transfer control of the authoritative electronic copy.
(d)Meaning of exclusive. Subject to subsection
(e)of this section, a power is exclusive under subsection (c)(3)(A) and
(B)of this section even if:
(1)The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or
(2)The power is shared with another person.
(e)When power not shared with another person. A power of a purchaser is not shared with another person under subsection (d)(2) of this section and the purchaser's power is not exclusive if:
(1)The purchaser can exercise the power only if the power also is exercised by the other person; and
(2)The other person:
(A)Can exercise the power without exercise of the power by the purchaser; or
(B)Is the transferor to the purchaser of an interest in the chattel paper.
(f)Presumption of exclusivity of certain powers. If a purchaser has the powers specified in subsection (c)(3)(A) and
(B)of this section, the powers are presumed to be exclusive.
(g)Obtaining control through another person. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:
(1)Has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or
(2)Obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.
[ 2023 c 266 s 903 ; 2011 c 74 s 102 ; 2001 c 32 s 18 ; 2000 c 250 s 9A-105.]
Notes:
Construction — Effective date — 2023 c 266: See notes following RCW 62A.12-101 .
Application — Effective date — 2011 c 74: See notes following RCW 62A.9A-102 .
Effective date — 2001 c 32: See note following RCW 62A.9A-102 .