§ 41-07-05 — (7-105) Reissuance in alternative medium

North Dakota § 41-07-05

• Jurisdiction: North Dakota
• Title 41: Uniform Commercial Code
• Ch. 41-07: Documents of Title

Text

1. 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:
a. The person entitled under the electronic document surrenders control of the
document to the issuer; and
b. The tangible document when issued contains a statement that it is issued in
substitution for the electronic document.
2. Upon issuance of a tangible document of title in substitution for an electronic
document of title in accordance with subsection 1:
a. The electronic document ceases to have any effect or validity; and
b. 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.
3. 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:
a. The person entitled under the tangible document surrenders possession of the
document to the issuer; and
b. The electronic document when issued contains a statement that it is issued in
substitution for the tangible document.
4. Upon issuance of an electronic document of title in substitution for a tangible
document of title in accordance with subsection 3:
a. The tangible document ceases to have any effect or validity; and
b. 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.