§ 34.1-7-106 — Control of electronic document of title

(a) A person has control of an electronic document of
title if a system employed for evidencing the transfer of
interests in the electronic document reliably establishes that
person as the person to which the electronic document was issued
or transferred.
(b) A system satisfies subsection (a) of this section, and
a person is deemed to have control of an electronic document of
title, if the document is created, stored, and assigned in such
a manner that:
(i) A single authoritative copy of the document
exists which is unique, identifiable, and, except as otherwise
provided in paragraphs (iv), (v), and (vi) of this section,
unalterable;
(ii) The authoritative copy identifies the person
asserting control as:
(A) The person to which the document was issued;
or
(B) If the authoritative copy indicates that the
document has been transferred, the person to which the document
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 amendments 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 amendment of the authoritative copy is
readily identifiable as authorized or unauthorized.
PART 2
WAREHOUSE RECEIPTS: SPECIAL PROVISIONS