Section 45.07.115. Reissuance in alternative medium.

   (a) On 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 under (a) of this section,
        (1) the electronic document ceases to have effect or validity; and
        (2) the person who 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) On 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) On issuance of an electronic document of title in substitution for a tangible document of title under (c) of this section,
        (1) the tangible document ceases to have effect or validity; and
        (2) the person who 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.

Authorities

45.07.305;45.07.402

Notes

References

AS 45.07.305 Destination bills.
AS 45.07.402 Duplicate document of title; overissue.

History

(Sec. 30 ch 44 SLA 2009)