Section 7-105 - Electronic and tangible documents of title. - Maryland Statutes

§ 7-105. Electronic and tangible documents of title.
 

(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): 

(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): 

(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. 
 

[2004, ch. 95, § 2.]