§ 70A-9a-105 — Control of electronic chattel paper.

Utah § 70A-9a-105

• Jurisdiction: Utah
• Title 70A: Uniform Commercial Code
• Ch. 70A-9a: Uniform Commercial Code - Secured Transactions
• Part 70A-9a-1: General Provisions

Text

(1) A secured party has control of electronic chattel paper if a system employed by evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to whom the chattel paper was assigned.
(2) A system satisfies Subsection (1) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

(2)(a) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in Subsections (2)(d), (e), and (f), unalterable;
(2)(b) the authoritative copy identifies the secured party as the assignee of the record or records;
(2)(c) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
(2)(d) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
(2)(e) 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
(2)(f) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Legislative History

Amended by Chapter 225, 2013 General Session