554.7106  Control of electronic document of title.
  1.  A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
  2.  A system satisfies subsection 1, and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
  a.  a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs “d”, “e”, and “f”, unalterable;
  b.  the authoritative copy identifies the person asserting control as:
  (1)  the person to which the document was issued; or
  (2)  if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
  c.  the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
  d.  copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
  e.  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
  f.  any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
2007 Acts, ch 30, §6, 45, 46