104.7105 - Reissuance in alternative medium. - Nevada Statutes

104.7105  Reissuance in alternative medium.

      1.  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:

      (a) The person entitled under the electronic document surrenders control of the document to the issuer; and

      (b) The tangible document when issued contains a statement that it is issued in substitution for the electronic document.

      2.  Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection 1:

      (a) The electronic document ceases to have any effect or validity; and

      (b) 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.

      3.  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:

      (a) The person entitled under the tangible document surrenders possession of the document to the issuer; and

      (b) The electronic document when issued contains a statement that it is issued in substitution for the tangible document.

      4.  Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection 3:

      (a) The tangible document ceases to have any effect or validity; and

      (b) 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.

      (Added to NRS by 2005, 834)