§ 34.1-9-105 — Control of electronic chattel paper

Wyoming § 34.1-9-105

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) A secured party has control of electronic chattel
paper if a system employed for evidencing the transfer of
interest in the chattel paper reliably establishes the secured
party as the person to which the chattel paper was assigned.
(b) A system satisfies subsection (a) of this section if
the record or records comprising the chattel paper are created,
stored and assigned in such a manner that:
(i) A single authoritative copy of the record or
records exists which is unique, identifiable and, except as
otherwise provided in paragraphs (iv), (v) and (vi),
unalterable;
(ii) The authoritative copy identifies the secured
party as the assignee of the record or records;
(iii) The authoritative copy is communicated to and
maintained by the secured party 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 secured party;
(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.