§ 26-2-8-115 — Transferable records

Indiana § 26-2-8-115

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 2: COMMERCIAL TRANSACTIONS
• Ch. 8: Uniform Electronic Transactions Act

Text

(a) In this section, "transferable record"
means an electronic record that:
(1) would be a note under IC 26-1-3.1 or a document under IC 26-1-7, if the electronic record were in writing; and
(2) the issuer of the electronic record expressly has agreed is
subject to this chapter.
(b) A person has control of a transferable record if a system
employed for evidencing the transfer of interests in the transferable
record reliably establishes that person as the person to whom the
transferable record has been issued or transferred.
(c) A system satisfies subsection (a), and a person is deemed to have
control of a transferable record, if the record or records are created,
stored, and assigned in such a manner that:
(1) a single authoritative copy of the record or records exists that
is unique, identifiable, and except as otherwise provided in
subdivisions (4), (5), and (6), unalterable;
(2) the authoritative copy identifies the person asserting control
as the assignee of the record or records;
(3) the authoritative copy is communicated to and maintained by
the person asserting control or its designated custodian;
(4) copies or revisions that add or change an identified assignee
of the authoritative copy can be made only with the consent of the
person asserting control;
(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 revision of the authoritative copy is readily identifiable as
an authorized or unauthorized revision.
(d) Except as otherwise agreed, a person having control of a
transferable record is the holder, as defined in IC 26-1-1-201(20), of
the transferable record and has the same rights and defenses as a holder
of an equivalent record or writing under IC 26-1, including, if the
applicable statutory requirements under IC 26-1-3.1-302(a), IC 26-1-7-501, or IC 26-1-9.1-330 are satisfied, the rights and defenses of
a holder in due course, a holder to which a negotiable document of title
has been duly negotiated, or a purchaser, respectively. Delivery,
possession, and endorsement are not required to obtain or exercise any
of the rights in this subsection.
(e) Except as otherwise agreed, obligors under a transferable record
have the same rights and defenses as equivalent obligors under
equivalent records and writings under IC 26-1.
(f) If requested by the person against whom enforcement is sought,
the person seeking to enforce the transferable record shall provide
reasonable proof that the person is in control of the transferable record.
This proof may include access to the authoritative copy of the
transferable record and related business records sufficient to review the
terms of the transferable record and establish the identity of the person
in control of the transferable record.

Legislative History

As added by P.L.62-2000, SEC.1. Amended by P.L.1-2001, SEC.32.