Current through 2024 Regular Session legislation effective June 6, 2024
Section 79.0105 - UCC 9-105. Control of electronic chattel paper(1) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.(2) A system satisfies the provisions of subsection (1) of this section if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:(a) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f) of this subsection, unalterable;(b) The authoritative copy identifies the secured party as the assignee of the record or records;(c) The authoritative copy is communicated to and maintained by the secured party or its designated custodian;(d) Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;(e) 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(f) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.Amended by 2012 Ch. 12,§ 2, eff. 3/5/2012, op. 7/1/2013.