Section 490:9-105 - Control of electronic copy of record evidencing chattel paper(a) A purchaser shall be deemed to have 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) A system shall be deemed to satisfy subsection (a) if the record evidencing the chattel paper is created, stored, and assigned in a manner that:(1) A single authoritative copy of the record exists that is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;(2) The authoritative copy identifies the purchaser as the assignee of the record ;(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) A system shall be deemed to satisfy subsection (a), and a purchaser shall be deemed to have 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 to readily identify each electronic copy as either an authoritative copy or a nonauthoritative copy;(2) Enables the purchaser to readily 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), 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) Subject to subsection (e), a power shall be deemed exclusive under subsection (c)(3), regardless of whether: (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) A power of a purchaser shall not be deemed to be shared with another person under subsection (d)(2) and the purchaser's power shall not be deemed exclusive if: (1) The purchaser may exercise the power only if the power is also exercised by the other person; and(2) The other person: (A) May 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) If a purchaser has the powers specified in subsection (c)(3), the powers shall be presumed to be exclusive.(g) A purchaser shall be deemed to have 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.Amended by L 2023, c 132,§ 37, eff. 6/29/2023.Amended by L 2012, c 33, § 3, eff. 7/1/2013.