554.9105  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:
  1.  a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subsections 4, 5, and 6, unalterable;
  2.  the authoritative copy identifies the secured party as the assignee of the record or records;
  3.  the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
  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;
  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
  6.  any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.
2000 Acts, ch 1149, §5, 185, 187
Effective July 1, 2001; 2000 Acts, ch 1149, §187; former section repealed effective July 1, 2001; 2000 Acts, ch 1149, §185, 187; for law prior to July 1, 2001, see Code 2001