400.9-105. Control of electronic chattel paper. - Missouri Statutes

Control of electronic chattel paper.

400.9-105. A secured party has control of electronic chattel paper ifthe record or records comprising the chattel paper are created, stored, andassigned in such a manner that:

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

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

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

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

(5) Each copy of the authoritative copy and any copy of a copy isreadily identifiable as a copy that is not the authoritative copy; and

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

(L. 1963 p. 503 § 9-105, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)

Effective 7-01-01