Sec. 42a-7-105. Reissuance in alternative medium. - Connecticut Statutes

      Sec. 42a-7-105. Reissuance in alternative medium. (a) 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.

      (b) Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a) of this 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.

      (c) 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.

      (d) Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c) of this 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.

      (1959, P.A. 133, S. 7-105; P.A. 04-64, S. 5.)

      History: P.A. 04-64 amended section to adopt the 2003 Revision of Uniform Commercial Code Article 7-Documents of Title.