§ 25-9-105. Control of electronic chattel paper. - North Carolina Statutes

§25‑9‑105.  Control of electronic chattel paper.

A secured party has control ofelectronic chattel paper if the record or records comprising the chattel paperare created, stored, and assigned in such a manner that:

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

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

(3)        The authoritativecopy is communicated to and maintained by the secured party or its designatedcustodian;

(4)        Copies or revisionsthat add or change an identified assignee of the authoritative copy can be madeonly with the participation of the secured party;

(5)        Each copy of theauthoritative copy and any copy of a copy is readily identifiable as a copythat is not the authoritative copy; and

(6)        Any revision of theauthoritative copy is readily identifiable as an authorized or unauthorizedrevision. (1965, c. 700, s. 1; 1967, c. 562, s. 1; 1975, c. 862,s. 7; 1989 (Reg. Sess., 1990), c. 1024, s. 8(g); 1997‑181, s. 3; 1997‑456,s. 4; 1999‑73, s. 6; 2000‑169, s. 1.)