N.Y.
Uniform Commercial Code Law Section 7-105
Reissuance in Alternative Medium
(a)
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:(1)
the person entitled under the electronic document surrenders control of the document to the issuer; and(2)
the tangible document when issued contains a statement that it is issued in substitution for the electronic document.(b)
Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (a):(1)
the electronic document ceases to have any effect or validity; and(2)
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.(c)
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:(1)
the person entitled under the tangible document surrenders possession of the document to the issuer; and(2)
the electronic document when issued contains a statement that it is issued in substitution for the tangible document.(d)
Upon issuance of an electronic document of title in substitution for a tangible document of title in accordance with subsection (c):(1)
the tangible document ceases to have any effect or validity; and(2)
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.
Source:
Section 7-105 — Reissuance in Alternative Medium, https://www.nysenate.gov/legislation/laws/UCC/7-105 (updated Dec. 26, 2014; accessed Oct. 26, 2024).
