Section 7-106 - Control of electronic documents of title; systems. - Maryland Statutes

§ 7-106. Control of electronic documents of title; systems.
 

(a)  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. 

(b)  A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that: 

(1) A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable; 

(2) The authoritative copy identifies the person asserting control as: 

(A) The person to which the document was issued; or 

(B) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred; 

(3) The authoritative copy is communicated to and maintained by the person asserting control 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 person asserting control; 

(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. 
 

[2004, ch. 95, § 2.]