30-7-107. Control of electronic document of title. (1) 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.
(2) A system satisfies subsection (1), and a person is considered to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
(a) a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in subsections (2)(d), (2)(e), and (2)(f), unalterable;
(b) the authoritative copy identifies the person asserting control as:
(i) the person to which the document was issued; or
(ii) if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
(c) the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
(d) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
(e) 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
(f) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
History: En. Sec. 39, Ch. 575, L. 2005.