Section 9-105 - Control of electronic chattel paper. - Maryland Statutes

§ 9-105. 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: 

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

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

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

(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; 

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

[1999, ch. 282, § 2.]