554.7105  Reissuance in alternative medium.
  1.  Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:
  a.  the person entitled under the electronic document surrenders control of the document to the issuer; and
  b.  the tangible document when issued contains a statement that it is issued in substitution for the electronic document.
  2.  Upon issuance of a tangible document of title in substitution for an electronic document of title 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 to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.
  3.  Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:
  a.  the person entitled under the tangible document surrenders possession of the document to the issuer; and
  b.  the electronic document when issued contains a statement that it is issued in substitution for the tangible document.
  4.  Upon issuance of an electronic document of title in substitution for a tangible document of title 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 to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.
[C66, 71, 73, 75, 77, 79, 81, §554.7105]
2007 Acts, ch 30, §5, 45, 46