§490:7-106 Control of electronic document of title. (a) A person shall be deemed to have control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b) A system shall be deemed to satisfy subsection (a), and a person shall be deemed to have control of an electronic document of title, if the document is created, stored, and transferred in a manner that:
(c) A system shall be deemed to satisfy subsection (a), and a person shall be deemed to have control of an electronic document of title, if an authoritative electronic copy of the document; a record attached to, or logically associated with, the electronic copy; or a system in which the electronic copy is recorded:
(d) Subject to subsection (e), a power shall be deemed exclusive under subsection (c)(3) regardless of whether:
(e) A power of a person shall not be deemed to be shared with another person under subsection (d)(2) and the person's power shall not be deemed exclusive if:
(f) If a person has the powers specified in subsection (c)(3), the powers shall be presumed to be exclusive.
(g) A person shall be deemed to have control of an electronic document of title if another person, other than the transferor to the person of an interest in the document:
(h) A person that has control under this section shall not be required to acknowledge that it has control on behalf of another person.
(i) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or any law other than this article or article 9 otherwise provides, the person shall not owe any duty to the other person and shall not be required to confirm the acknowledgment to any other person. [L 2004, c 163, pt of §1; am L 2023, c 132, §29]