* Section 12--102. Definitions.\n (a) In this article:\n (1) "Controllable electronic record" means a record stored in an\nelectronic medium that can be subjected to control under Section 12-105.\nThe term does not include a controllable account, a controllable payment\nintangible, a deposit account, an electronic copy of a record evidencing\nchattel paper, an electronic document of title, electronic money,\ninvestment property, or a transferable record.\n (2) "Qualifying purchaser" means a purchaser of a controllable\nelectronic record or an interest in a controllable electronic record\nthat obtains control of the controllable electronic record for value, in\ngood faith, and without notice of a claim of a property right in the\ncontrollable electronic record. In the case of a controlla
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* Section 12--102. Definitions.\n (a) In this article:\n (1) "Controllable electronic record" means a record stored in an\nelectronic medium that can be subjected to control under Section 12-105.\nThe term does not include a controllable account, a controllable payment\nintangible, a deposit account, an electronic copy of a record evidencing\nchattel paper, an electronic document of title, electronic money,\ninvestment property, or a transferable record.\n (2) "Qualifying purchaser" means a purchaser of a controllable\nelectronic record or an interest in a controllable electronic record\nthat obtains control of the controllable electronic record for value, in\ngood faith, and without notice of a claim of a property right in the\ncontrollable electronic record. In the case of a controllable electronic\nrecord that would be a "draft" or a "note", as those terms are defined\nin Section 3--104, if the controllable electronic record were a signed\nwriting, Section 3--304(7) applies to the determination of whether a\npurchaser obtains control of the controllable electronic record without\nnotice of a claim of a property right in it as if the reference in that\nsubsection to "the instrument" referred to the controllable electronic\nrecord. The preceding sentence applies even if the controllable\nelectronic record contains a term by which an obligor or account debtor\non the controllable account or controllable payment intangible evidenced\nby the controllable electronic record waives or agrees not to assert\nagainst an assignee of the controllable electronic record any claim or\ndefense that the obligor or account debtor may have against the\nassignor.\n (3) "Transferable record" means an electronic record that either:\n (A) is a "transferable record" under Section 201(a)(1) of the\nElectronic Signatures in Global and National Commerce Act, 15 U.S.C.\nSection 7021(a)(1), as amended; or,\n (B) is governed by the law of any State that has enacted or adopted\nthe Uniform Electronic Transactions Act substantially as approved and\nrecommended for enactment in all the States by the National Conference\nof Commissioners on Uniform State Laws in 1999 and is a "transferable\nrecord" under Section 16(a) of that Act.\n (4) "Value" has the meaning provided in Section 3-303(a), as if\nreferences in that subsection to an "instrument" were references to a\ncontrollable account, controllable electronic record, or controllable\npayment intangible.\n (b) Definitions in other articles. The following definitions in other\narticles apply to this article:\n (1) The definitions in Article 9 of "account debtor", "controllable\naccount", "controllable payment intangible", "chattel paper", "deposit\naccount", "electronic money", and "investment property" apply to this\narticle.\n (2) Article 1 contains general definitions and principles of\nconstruction and interpretation applicable throughout this article.\n * NB Effective June 3, 2026\n