Section 45.07.116. 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 whom the electronic document was issued or transferred.
   (b) A system satisfies (a) of this section, and a person is considered to have control of an electronic document of title, if the document is created, stored, and assigned in a manner by which
        (1) a single authoritative copy of the document exists that is unique, identifiable, and, except as otherwise provided in (4), (5), and (6) of this subsection, unalterable;
        (2) the authoritative copy identifies the person asserting control as
             (A) the person to whom the document was issued; or
             (B) if the authoritative copy indicates that the document has been transferred, the person to whom the document was most recently transferred;
        (3) the authoritative copy is communicated to and maintained by the person asserting control or the person's 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 a copy of a copy are readily identifiable as a copy that is not the authoritative copy; and
        (6) an amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Authorities

45.02.103;45.04.104;45.29.102;45.29.203;45.29.207;45.29.314;45.29.601

Notes

References

AS 45.02.103 Definitions and index of definitions.
AS 45.04.104 Definitions and index of definitions.
AS 45.29.102 Definitions.
AS 45.29.203 Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
AS 45.29.207 Rights and duties of secured party having possession or control of collateral.
AS 45.29.314 Perfection by control.
AS 45.29.601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.

History

(Sec. 30 ch 44 SLA 2009)