70A-9a-105. Control of electronic copy of record evidencing chattel paper.
(1) 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.
(2) A system satisfies Subsectionif 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 Subsections, (e), and (f), unalterable; (2)(d) the authoritative copy identifies the purchaser as the assignee of the record or records; the authoritative copy is communicated to and maintained by the purchaser or its designated custodian; copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser; 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 any amendment to the authoritative copy is readily identifiable as authorized or unauthorized.
(3) A system satisfies Subsection, 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; 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 gives the purchaser exclusive power, subject to Subsection, to: (4) prevent others from adding or changing an identified assignee of the authoritative electronic copy; and transfer control of the authoritative electronic copy.
(4) Subject to Subsection, a power is exclusive under Subsectionsandeven if: (5) (3)(c)(i) (ii) 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 the power is shared with another person.
(5) A power of a purchaser is not shared with another person under Subsectionand the purchaser's power is not exclusive if: (4)(a) the purchaser can exercise the power only if the power also is exercised by the other person; and the other person: can exercise the power without exercise of the power by the purchaser; or is the transferor to the purchaser of an interest in the chattel paper.
(6) If a purchaser has the powers specified in Subsectionsand, the powers are presumed to be exclusive. (3)(c)(i) (ii)
(7) 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: has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.