11 §9-1105. Control of electronic chattel paper - Maine Statutes

Title 11: UNIFORM COMMERCIAL CODE

Article 9-A: TRANSACTIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

Part 1: GENERAL PROVISIONS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

Subpart 1: SHORT TITLE, DEFINITIONS AND GENERAL CONCEPTS HEADING: PL 1999, C. 699, PT. A, §2 (NEW)

§9-1105. Control of electronic chattel paper

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored and assigned in such a manner that: [1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF).]

(1). A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise provided in subsections (4), (5) and (6), unalterable;

[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]

(2). The authoritative copy identifies the secured party as the assignee of the record or records;

[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]

(3). The authoritative copy is communicated to and maintained by the secured party or its designated custodian;

[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]

(4). Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]

(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

[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]

(6). Any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

[ 1999, c. 699, Pt. A, §2 (NEW); 1999, c. 699, Pt. A, §4 (AFF) .]

SECTION HISTORY

1999, c. 699, §A2 (NEW). 1999, c. 699, §A4 (AFF).