Reissuance in alternative medium.

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. [C66, 71, 73, 75, 77, 79, 81, §554.7105 ] 2007 Acts, ch 30, §5, 45, 46 Referred to in §554.7305 , 554.7402