104.7106 - Control of electronic document of title. - Nevada Statutes

104.7106  Control of electronic document of title.

      1.  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 whom the electronic document was issued or transferred.

      2.  A system satisfies subsection 1, 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:

      (a) A single authoritative copy of the document exists which is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f), unalterable;

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

             (1) The person to whom the document was issued; or

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

      (c) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;

      (d) 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;

      (e) 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

      (f) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

      (Added to NRS by 2005, 835)