Reissuance in Alternative Medium

  1. Law
  2. Georgia Code
  3. Commercial Code
  4. Warehouse Receipts, Bills of Lading, and Other Documents of Title
  5. General
  6. Reissuance in Alternative Medium

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  1. Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:
    1. The person entitled under the electronic document surrenders control of the document to the issuer; and
    2. The tangible document when issued contains a statement that it is issued in substitution for the electronic document.
  2. Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a) of this Code section:
    1. The electronic document ceases to have any effect or validity; and
    2. The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.
  3. Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:
    1. The person entitled under the tangible document surrenders possession of the document to the issuer; and
    2. The electronic document when issued contains a statement that it is issued in substitution for the tangible document.
  4. Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c) of this Code section:
    1. The tangible document ceases to have any effect or validity; and
    2. The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

(Code 1933, § 109A-7 - 105, enacted by Ga. L. 1962, p. 156, § 1; Ga. L. 2010, p. 481, § 1-1/HB 451.)

The 2010 amendment, effective May 27, 2010, substituted "Reissuance in alternative medium" for "Construction against negative implication" in the catchline; and rewrote this Code section. See the Editor's notes for applicability.

Code Commission notes.

- Pursuant to Code Section 28-9-5, in 2010, "in accordance" was substituted for "is accordance" in the introductory language of subsection (d).

Editor's notes.

- Ga. L. 2010, p. 481, § 3-1, not codified by the General Assembly, provides that: "This Act applies to a document of title that is issued or a bailment that arises on or after the effective date of this Act. This Act does not apply to a document of title that is issued or a bailment that arises before the effective date of this Act even if the document of title or bailment would be subject to this Act if the document of title had been issued or bailment had arisen on or after the effective date of this Act. This Act does not apply to a right of action that has accrued before the effective date of this Act." This Act became effective May 27, 2010.

Ga. L. 2010, p. 481, § 3-2, not codified by the General Assembly, provides that: "A document of title issued or a bailment that arises before the effective date of this Act and the rights, documents, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this Act as if such amendment or repeal had not occurred and may be terminated, completed, consummated, or enforced under that statute or other rule." This Act became effective May 27, 2010.

RESEARCH REFERENCES

C.J.S.

- 82 C.J.S., Statutes, §§ 352, 374.

U.L.A.

- Uniform Commercial Code (U.L.A.) § 7-105.


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