§ 25-7-105. Reissuance in alternative medium. - North Carolina Statutes

§ 25‑7‑105. Reissuance in alternative medium.

(a)        Upon request of aperson entitled under an electronic document of title, the issuer of theelectronic document may issue a tangible document of title as a substitute forthe electronic document if:

(1)        The person entitledunder the electronic document surrenders control of the document to the issuer;and

(2)        The tangibledocument when issued contains a statement that it is issued in substitution forthe electronic document.

(b)        Upon issuance of atangible document of title in substitution for an electronic document of titlein accordance with subsection (a) of this section:

(1)        The electronicdocument ceases to have any effect or validity; and

(2)        The person thatprocured issuance of the tangible document warrants to all subsequent personsentitled under the tangible document that the warrantor was a person entitledunder the electronic document when the warrantor surrendered control of theelectronic document to the issuer.

(c)        Upon request of aperson entitled under a tangible document of title, the issuer of the tangibledocument may issue an electronic document of title as a substitute for thetangible document if:

(1)        The person entitledunder the tangible document surrenders possession of the document to theissuer; and

(2)        The electronicdocument when issued contains a statement that it is issued in substitution forthe tangible document.

(d)        Upon issuance of anelectronic document of title in substitution for a tangible document of titlein accordance with subsection (c) of this section:

(1)        The tangibledocument ceases to have any effect or validity; and

(2)        The person thatprocured issuance of the electronic document warrants to all subsequent personsentitled under the electronic document that the warrantor was a person entitledunder the tangible document when the warrantor surrendered possession of thetangible document to the issuer. (2006‑112, s. 25.)