§ 57A-12-102 — Definitions.

(a) In this chapter: (1) "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under § 57A-12-105 . The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record. (2) "Qualifying purchaser" means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record. (3) "Transferable record" has the meaning provided for that term in: (A) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7021(a)(1), as amended and in effect January 1, 2024; or (B) As defined in § 53-12-40 . (4) "Value" has the meaning provided in § 57A-3-303 (a), as if references in that subsection to an "instrument" were references to a controllable account, controllable electronic record, or controllable payment intangible. (b) The definitions in chapter 57A-9 of "account debtor," "controllable account," "controllable payment intangible," "chattel paper," "deposit account," "electronic money," and "investment property" apply to this chapter. (c) Chapter 57A-1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Legislative History

SL 2024, ch 198, § 94.