8.7-105.1 - Reissuance in alternative medium. - Virginia Statutes

§ 8.7-105.1. Reissuance in alternative medium.

(1) Upon request of a person entitled under an electronic document, theissuer of the electronic document may issue a tangible document as asubstitute for the electronic document if:

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

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

(2) Upon issuance of a tangible document in substitution for an electronicdocument 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 toall subsequent persons entitled under the tangible document that thewarrantor was a person entitled under the electronic document when thewarrantor surrendered control of the electronic document to the issuer.

(3) Upon request of a person entitled under a tangible document, the issuerof the tangible document may issue an electronic document as a substitute forthe tangible document if:

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

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

(4) Upon issuance of an electronic document in substitution for a tangibledocument 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 toall subsequent persons entitled under the electronic document that thewarrantor was a person entitled under the tangible document when thewarrantor surrendered possession of the tangible document to the issuer.

(2004, c. 200.)