Maine § 10 §9416 Transferable records

Maine Statutes

§ 10 §9416 — Transferable records

Maine·Title 10 COMMERCE AND TRADE·Part 13 ELECTRONIC COMMERCE·Ch. 1051 UNIFORM ELECTRONIC TRANSACTION ACT

1.Definition. In this section, "transferable record" means an electronic record that:

2.Control. A person has control of a transferable record if an information processing system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred.

3.Compliance. An information processing system satisfies subsection 2, and a person is deemed to have control of a transferable record, if the transferable record is created, stored and assigned in such a manner that:

4.Holders. Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in Title 11, section 1‑1201, subsection (21), of the transferable record and has the same rights and

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1.
Definition.
In this section, "transferable record" means an electronic record that:
2.
Control.
A person has control of a transferable record if an information processing system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to which the transferable record was issued or transferred.
3.
Compliance.
An information processing system satisfies subsection 2, and a person is deemed to have control of a transferable record, if the transferable record is created, stored and assigned in such a manner that:
4.
Holders.
Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in Title 11, section 1‑1201, subsection (21), of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under the Uniform Commercial Code, including, if the applicable statutory requirements under Title 11, section 3‑1302, subsection (1); Title 11, section 7‑1501; or Title 11, section 9‑308 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 indorsement are not required to obtain or exercise any of the rights under this subsection.
5.
Obligors.
Except as otherwise agreed, an obligor under a transferable record has the same rights and defenses as an equivalent obligor under equivalent records or writings under the Uniform Commercial Code.
6.
Proof.
If requested by a person against which enforcement is sought, the person seeking to enforce the transferable record shall provide reasonable proof that the person seeking to enforce the transferable record is in control of the transferable record. Proof includes access to the authoritative copy of the transferable record and related business records sufficient to review the terms of the transferable record and to establish the identity of the person having control of the transferable record.

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Legislative History

PL 1999, c. 762, §2 (NEW). PL 2009, c. 324, Pt. B, §§1, 2 (AMD). PL 2009, c. 324, Pt. B, §48 (AFF). PL 2009, c. 325, Pt. B, §3 (AMD). PL 2009, c. 325, Pt. B, §27 (AFF). PL 2009, c. 652, Pt. A, §7 (AMD). PL 2009, c. 652, Pt. A, §8 (AFF).