8.9A-105 - A-105. Control of electronic chattel paper. - Virginia Statutes

§ 8.9A-105. Control of electronic chattel paper.

A secured party has control of electronic chattel paper if the record orrecords comprising the chattel paper are created, stored, and assigned insuch a manner that:

(1) a single authoritative copy of the record or records exists which isunique, identifiable and, except as otherwise provided in paragraphs (4),(5), and (6), unalterable;

(2) the authoritative copy identifies the secured party as the assignee ofthe record or records;

(3) the authoritative copy is communicated to and maintained by the securedparty or its designated custodian;

(4) copies or revisions that add or change an identified assignee of theauthoritative copy can be made only with the participation of the securedparty;

(5) each copy of the authoritative copy and any copy of a copy is readilyidentifiable as a copy that is not the authoritative copy; and

(6) any revision of the authoritative copy is readily identifiable as anauthorized or unauthorized revision.

(2000, c. 1007.)