(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:
A single authoritative copy of the document exists which is unique, identifiable, and,except as otherwise provided in paragraphs (4), (5), and (6) of this subsection (b), unalterable;
The authoritative copy identifies the person asserting control as:
The person to which the document was issued; or
If the authoritative copy indicates that the document has been transferred, the personto which the document was most recently transferred;
The authoritative copy is communicated to and maintained by the person assertingcontrol or its designated custodian;
Copies or amendments that add or change an identified assignee of the authoritativecopy can be made only with the consent of the person asserting control;
Each copy of the authoritative copy and any copy of a copy is readily identifiable asa copy that is not the authoritative copy; and
Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
Source: L. 2006: Entire article R&RE, p. 472, § 2, effective September 1. L. 2007: (b)(1) amended, p. 366, § 5, effective August 3.