(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests 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:
A single authoritative copy of the record or records exists that is unique, identifiable,and, except as otherwise provided in paragraphs (4), (5), and (6) of this subsection (b), unalterable;
The authoritative copy identifies the secured party as the assignee of the record orrecords;
The authoritative copy is communicated to and maintained by the secured party or itsdesignated custodian;
Copies or amendments that add or change an identified assignee of the authoritativecopy can be made only with the consent of the secured party;
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. 2001: Entire article R&RE, p. 1329, § 1, effective July 1. L. 2012: Entire section amended, (HB 12-1262), ch. 170, p. 596, § 2, effective July 1, 2013.