Control of electronic chattel paper

1. Law
2. Mississippi Code
3. Regulation of Trade, Commerce and Investments
4. Uniform Commercial Code-Secured Transactions
5. General Provisions
6. Short Title, Definitions, and General Concepts
7. Control of electronic chattel paper

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.

A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

1. A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
2. The authoritative copy identifies the secured party as the assignee of the record or records;
3. The authoritative copy is communicated to and maintained by the secured party or its designated custodian;
4. 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;
5. 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
6. Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

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