LegalFix
Sign In

9-105 - Control of Electronic Chattel Paper

NY UCC § 9-105 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

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 paragraphs (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.

Previous Section
9-104 - Control of Deposit Account.
Next Section
9-106 - Control of Investment Property