§ 26-1-7-105 — Tangible substitute for electronic document of title

Indiana § 26-1-7-105

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 7: Documents of Title

Text

(a) 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:
(1) the person entitled under the electronic document surrenders
control of the document to the issuer; and
(2) the tangible document when issued contains a statement that
it is issued in substitution for the electronic document.
(b) Upon issuance of a tangible document of title in substitution for
an electronic document of title in accordance with subsection (a):
(1) the electronic document ceases to have any effect or validity;
and
(2) 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.
(c) 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:
(1) the person entitled under the tangible document surrenders
possession of the document to the issuer; and
(2) the electronic document when issued contains a statement that
it is issued in substitution for the tangible document.
(d) Upon issuance of an electronic document of title in substitution
for a tangible document of title in accordance with subsection (c):
(1) the tangible document ceases to have any effect or validity;
and
(2) 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.
Formerly: Acts 1963, c.317, s.7-105. As amended by
P.L.152-1986, SEC.247; P.L.143-2007, SEC.28.