§ 40-21-116 — Transferable records

Wyoming § 40-21-116

• Jurisdiction: Wyoming
• Title 40: Trade and Commerce
• Ch. 21: UNIFORM ELECTRONIC TRANSACTIONS ACT

Text

(a) In this section, "transferable record" means an
electronic record that:
(i) Would be a note under article 3 of the Uniform
Commercial Code or a document under article 7 of the Uniform
Commercial Code if the electronic record were in writing; and
(ii) The issuer of the electronic record expressly
has agreed is a transferable record.
(b) A person has control of a transferable record if a
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.
(c) A system satisfies subsection (b) of this section, 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:
(i) A single authoritative copy of the transferable
record exists which is unique, identifiable and, except as
otherwise provided in paragraphs (iv), (v) and (vi) of this
subsection, unalterable;
(ii) The authoritative copy identifies the person
asserting control as:
(A) The person to which the transferable record
was issued; or
(B) If the authoritative copy indicates that the
transferable record has been transferred, the person to which
the transferable record was most recently transferred.
(iii) The authoritative copy is communicated to and
maintained by the person asserting control or its designated
custodian;
(iv) Copies or revisions that add or change an
identified assignee of the authoritative copy can be made only
with the consent of the person asserting control;
(v) 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
(vi) Any revision of the authoritative copy is
readily identifiable as authorized or unauthorized.
(d) Except as otherwise agreed, a person having control of
a transferable record is the holder, as defined in W.S.
34.1-1-201(a)(xx), 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 W.S. 34.1-3-302(a),
34.1-7-501 or 34.1-9-308 of the Uniform Commercial Code 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.
(e) 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.
(f) 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 is in control of
the transferable record. Proof may include 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.