N.Y. Uniform Commercial Code Law Section 7-106
Control of Electronic Document of Title

Section 7--106. Control of Electronic Document of Title.

(a)

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.

(b)

A system satisfies subsection (a), 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:

(1)

a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and

(6)

, unalterable;

(2)

the authoritative copy identifies the person asserting control as: (A) the person to which the document was issued; or (B) if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;

(3)

the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;

(4)

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;

(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 amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Source: Section 7-106 — Control of Electronic Document of Title, https://www.­nysenate.­gov/legislation/laws/UCC/7-106 (updated Dec. 26, 2014; accessed Oct. 26, 2024).

Green check means up to date. Up to date

Accessed:
Oct. 26, 2024

Last modified:
Dec. 26, 2014

§ 7-106’s source at nysenate​.gov

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