53-12-40. "Transferable record" defined. For purposes of this chapter, the term, transferable record, means an electronic record that:
(1) Would be a note under Article 3 of the Uniform Commercial Code or a document under Article 7 of the Uniform Commercial Code if the electronic record were in writing; and
(2) The issuer of the electronic record expressly has agreed is a transferable record.Source: SL 2000, ch 225, § 40.
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