409.105 Control of electronic chattel paper. - Wisconsin Statutes

409.105

409.105 Control of electronic chattel paper. A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:

409.105(1)

(1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subs. (4) to (6), unalterable;

409.105(2)

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

409.105(3)

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

409.105(4)

(4) Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;

409.105(5)

(5) 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

409.105(6)

(6) Any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

409.105 - ANNOT.

History: 2001 a. 10.