"Transferable record" defined

For purposes of this chapter, the term, transferable record, means an electronic record that: (1) Would be a note under Article 3 of the Uniform Commercial Code or a document under Article 7 of the Uniform Commercial Code if the electronic record were in writing; and (2) The issuer of the electronic record expressly has agreed is a transferable record. Source: SL 2000, ch 225 , § 40.