{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/8.9A-105.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/8.9A-105.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/8.9A-105.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/8.9A-105.html"}],"law_id":84613,"edition_id":1,"section_id":84613,"structure_id":15319,"section_number":"8.9A-105","catch_line":"Control of electronic copy of record evidencing chattel paper","history":"2000, c. 1007; 2012, c. 155; 2024, c. 652.","full_text":"a\n\nGeneral rule: control of electronic copy of a record evidencing chattel paper. A secured party has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.b\n\nSingle authoritative copy. A system satisfies subsection (a) if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:1\n\na 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\n\nthe authoritative copy identifies the purchaser as the assignee of the record or records;3\n\nthe authoritative copy is communicated to and maintained by the purchaser or its designated custodian;4\n\ncopies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser;5\n\neach copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and6\n\nany amendment of the authoritative copy is readily identifiable as authorized or unauthorized.c\n\nOne or more authoritative copies. A system satisfies subsection (a), and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:1\n\nenables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;2\n\nenables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and3\n\ngives the purchaser exclusive power, subject to subsection (d), to:A\n\nprevent others from adding or changing an identified assignee of the authoritative electronic copy; andB\n\ntransfer control of the authoritative electronic copy.d\n\nMeaning of exclusive. Subject to subsection (e), a power is exclusive under subsection (c)(3)(A) and (B) even if:1\n\nthe authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or2\n\nthe power is shared with another person.e\n\nWhen power not shared with another person. A power of a purchaser is not shared with another person under subsection (d)(2) and the purchaser’s power is not exclusive if:1\n\nthe purchaser can exercise the power only if the power also is exercised by the other person; and2\n\nthe other person:A\n\ncan exercise the power without exercise of the power by the purchaser; orB\n\nis the transferor to the purchaser of an interest in the chattel paper.f\n\nPresumption of exclusivity of certain powers. If a purchaser has the powers specified in subsection (c)(3)(A) and (B), the powers are presumed to be exclusive.g\n\nObtaining control through another person. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:1\n\nhas control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or2\n\nobtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.","order_by":null,"text":{"0":{"id":303285,"text":"General rule: control of electronic copy of a record evidencing chattel paper. A secured party has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.","type":"section","prefixes":["a"],"prefix":"a","entire_prefix":"a","prefix_anchor":"a","level":1,"next_prefix":"b"},"1":{"id":303286,"text":"Single authoritative copy. A system satisfies subsection (a) if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that:","type":"section","prefixes":["b"],"prefix":"b","entire_prefix":"b","prefix_anchor":"b","level":1,"prior_prefix":"a","next_prefix":"b1"},"2":{"id":303287,"text":"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;","type":"section","prefixes":["b","1"],"prefix":"1","entire_prefix":"b1","prefix_anchor":"b1","level":2,"prior_prefix":"b","next_prefix":"b2"},"3":{"id":303288,"text":"the authoritative copy identifies the purchaser as the assignee of the record or records;","type":"section","prefixes":["b","2"],"prefix":"2","entire_prefix":"b2","prefix_anchor":"b2","level":2,"prior_prefix":"b1","next_prefix":"b3"},"4":{"id":303289,"text":"the authoritative copy is communicated to and maintained by the purchaser or its designated custodian;","type":"section","prefixes":["b","3"],"prefix":"3","entire_prefix":"b3","prefix_anchor":"b3","level":2,"prior_prefix":"b2","next_prefix":"b4"},"5":{"id":303290,"text":"copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser;","type":"section","prefixes":["b","4"],"prefix":"4","entire_prefix":"b4","prefix_anchor":"b4","level":2,"prior_prefix":"b3","next_prefix":"b5"},"6":{"id":303291,"text":"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","type":"section","prefixes":["b","5"],"prefix":"5","entire_prefix":"b5","prefix_anchor":"b5","level":2,"prior_prefix":"b4","next_prefix":"b6"},"7":{"id":303292,"text":"any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.","type":"section","prefixes":["b","6"],"prefix":"6","entire_prefix":"b6","prefix_anchor":"b6","level":2,"prior_prefix":"b5","next_prefix":"c"},"8":{"id":303293,"text":"One or more authoritative copies. A system satisfies subsection (a), and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:","type":"section","prefixes":["c"],"prefix":"c","entire_prefix":"c","prefix_anchor":"c","level":1,"prior_prefix":"b6","next_prefix":"c1"},"9":{"id":303294,"text":"enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;","type":"section","prefixes":["c","1"],"prefix":"1","entire_prefix":"c1","prefix_anchor":"c1","level":2,"prior_prefix":"c","next_prefix":"c2"},"10":{"id":303295,"text":"enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and","type":"section","prefixes":["c","2"],"prefix":"2","entire_prefix":"c2","prefix_anchor":"c2","level":2,"prior_prefix":"c1","next_prefix":"c3"},"11":{"id":303296,"text":"gives the purchaser exclusive power, subject to subsection (d), to:","type":"section","prefixes":["c","3"],"prefix":"3","entire_prefix":"c3","prefix_anchor":"c3","level":2,"prior_prefix":"c2","next_prefix":"A"},"12":{"id":303297,"text":"prevent others from adding or changing an identified assignee of the authoritative electronic copy; and","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"c3","next_prefix":"B"},"13":{"id":303298,"text":"transfer control of the authoritative electronic copy.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"d"},"14":{"id":303299,"text":"Meaning of exclusive. Subject to subsection (e), a power is exclusive under subsection (c)(3)(A) and (B) even if:","type":"section","prefixes":["d"],"prefix":"d","entire_prefix":"d","prefix_anchor":"d","level":1,"prior_prefix":"B","next_prefix":"d1"},"15":{"id":303300,"text":"the authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or","type":"section","prefixes":["d","1"],"prefix":"1","entire_prefix":"d1","prefix_anchor":"d1","level":2,"prior_prefix":"d","next_prefix":"d2"},"16":{"id":303301,"text":"the power is shared with another person.","type":"section","prefixes":["d","2"],"prefix":"2","entire_prefix":"d2","prefix_anchor":"d2","level":2,"prior_prefix":"d1","next_prefix":"e"},"17":{"id":303302,"text":"When power not shared with another person. A power of a purchaser is not shared with another person under subsection (d)(2) and the purchaser’s power is not exclusive if:","type":"section","prefixes":["e"],"prefix":"e","entire_prefix":"e","prefix_anchor":"e","level":1,"prior_prefix":"d2","next_prefix":"e1"},"18":{"id":303303,"text":"the purchaser can exercise the power only if the power also is exercised by the other person; and","type":"section","prefixes":["e","1"],"prefix":"1","entire_prefix":"e1","prefix_anchor":"e1","level":2,"prior_prefix":"e","next_prefix":"e2"},"19":{"id":303304,"text":"the other person:","type":"section","prefixes":["e","2"],"prefix":"2","entire_prefix":"e2","prefix_anchor":"e2","level":2,"prior_prefix":"e1","next_prefix":"A"},"20":{"id":303305,"text":"can exercise the power without exercise of the power by the purchaser; or","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"prior_prefix":"e2","next_prefix":"B"},"21":{"id":303306,"text":"is the transferor to the purchaser of an interest in the chattel paper.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"f"},"22":{"id":303307,"text":"Presumption of exclusivity of certain powers. If a purchaser has the powers specified in subsection (c)(3)(A) and (B), the powers are presumed to be exclusive.","type":"section","prefixes":["f"],"prefix":"f","entire_prefix":"f","prefix_anchor":"f","level":1,"prior_prefix":"B","next_prefix":"g"},"23":{"id":303308,"text":"Obtaining control through another person. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:","type":"section","prefixes":["g"],"prefix":"g","entire_prefix":"g","prefix_anchor":"g","level":1,"prior_prefix":"f","next_prefix":"g1"},"24":{"id":303309,"text":"has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or","type":"section","prefixes":["g","1"],"prefix":"1","entire_prefix":"g1","prefix_anchor":"g1","level":2,"prior_prefix":"g","next_prefix":"g2"},"25":{"id":303310,"text":"obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.","type":"section","prefixes":["g","2"],"prefix":"2","entire_prefix":"g2","prefix_anchor":"g2","level":2,"prior_prefix":"g1"}},"ancestry":[{"id":15319,"edition_id":1,"name":"Short Title, Definitions and General Concepts","identifier":"1","label":"subpart","depth":3,"order_by":1,"parent_id":15318,"metadata":{},"date_created":"2026-06-26 03:53:55","date_modified":"2026-06-26 03:53:55","permalink":{"id":283837,"object_type":"structure","relational_id":15319,"identifier":"1","token":"8.9A\/1\/1","url":"\/8.9A\/1\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":15318,"edition_id":1,"name":"General Provisions","identifier":"1","label":"part","depth":2,"order_by":1,"parent_id":13277,"metadata":{},"date_created":"2026-06-26 03:53:55","date_modified":"2026-06-26 03:53:55","permalink":{"id":283835,"object_type":"structure","relational_id":15318,"identifier":"1","token":"8.9A\/1","url":"\/8.9A\/1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13277,"edition_id":1,"name":"Commercial Code \u2014 Secured Transactions","identifier":"8.9A","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:33","date_modified":"2026-06-26 03:44:33","permalink":{"id":283833,"object_type":"structure","relational_id":13277,"identifier":"8.9A","token":"8.9A","url":"\/8.9A\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58325,"structure_id":15319,"section_number":"8.9A-101","catch_line":"Short title","url":"\/8.9A-101\/","token":"8.9A\/1\/1\/8.9A-101","metadata":false},{"id":58431,"structure_id":15319,"section_number":"8.9A-102","catch_line":"Definitions and index of definitions","url":"\/8.9A-102\/","token":"8.9A\/1\/1\/8.9A-102","metadata":false},{"id":74460,"structure_id":15319,"section_number":"8.9A-103","catch_line":"Purchase-money security interest; application of payments; burden of establishing","url":"\/8.9A-103\/","token":"8.9A\/1\/1\/8.9A-103","metadata":false},{"id":62491,"structure_id":15319,"section_number":"8.9A-104","catch_line":"Control of deposit account","url":"\/8.9A-104\/","token":"8.9A\/1\/1\/8.9A-104","metadata":false},{"id":84613,"structure_id":15319,"section_number":"8.9A-105","catch_line":"Control of electronic copy of record evidencing chattel paper","url":"\/8.9A-105\/","token":"8.9A\/1\/1\/8.9A-105","metadata":false},{"id":59549,"structure_id":15319,"section_number":"8.9A-105.1","catch_line":"Control of electronic money","url":"\/8.9A-105.1\/","token":"8.9A\/1\/1\/8.9A-105.1","metadata":false},{"id":81668,"structure_id":15319,"section_number":"8.9A-106","catch_line":"Control of investment property","url":"\/8.9A-106\/","token":"8.9A\/1\/1\/8.9A-106","metadata":false},{"id":58690,"structure_id":15319,"section_number":"8.9A-107","catch_line":"Control of letter-of-credit right","url":"\/8.9A-107\/","token":"8.9A\/1\/1\/8.9A-107","metadata":false},{"id":76599,"structure_id":15319,"section_number":"8.9A-107.1","catch_line":"Control of controllable electronic record, controllable account, or controllable payment intangible","url":"\/8.9A-107.1\/","token":"8.9A\/1\/1\/8.9A-107.1","metadata":false},{"id":77801,"structure_id":15319,"section_number":"8.9A-107.2","catch_line":"No requirement to acknowledge or confirm; no duties","url":"\/8.9A-107.2\/","token":"8.9A\/1\/1\/8.9A-107.2","metadata":false},{"id":82128,"structure_id":15319,"section_number":"8.9A-108","catch_line":"Sufficiency of description","url":"\/8.9A-108\/","token":"8.9A\/1\/1\/8.9A-108","metadata":false}],"previous_section":{"id":62491,"structure_id":15319,"section_number":"8.9A-104","catch_line":"Control of deposit account","url":"\/8.9A-104\/","token":"8.9A\/1\/1\/8.9A-104","metadata":false},"next_section":{"id":59549,"structure_id":15319,"section_number":"8.9A-105.1","catch_line":"Control of electronic money","url":"\/8.9A-105.1\/","token":"8.9A\/1\/1\/8.9A-105.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/8.9A-105\/","history_text":"

This law was first created in 2000. The record of its establishment is cataloged in chapter 1007<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2012, chapter 155<\/a>; in 2024, chapter 652<\/a>.<\/p>","references":[{"id":77801,"section_number":"8.9A-107.2","catch_line":"No requirement to acknowledge or confirm; no duties","order_by":null,"url":"\/8.9A-107.2\/"},{"id":74128,"section_number":"8.9A-203","catch_line":"Attachment and enforceability of security interest; proceeds, supporting obligations; formal requisites","order_by":null,"url":"\/8.9A-203\/"},{"id":62908,"section_number":"8.9A-207","catch_line":"Rights and duties of secured party having possession or control of collateral","order_by":null,"url":"\/8.9A-207\/"},{"id":64267,"section_number":"8.9A-208","catch_line":"Additional duties of secured party having control of collateral","order_by":null,"url":"\/8.9A-208\/"},{"id":62358,"section_number":"8.9A-317","catch_line":"Interests that take priority over or take free of security interest or agricultural lien","order_by":null,"url":"\/8.9A-317\/"},{"id":62875,"section_number":"8.9A-330","catch_line":"Priority of purchaser of chattel paper or instrument","order_by":null,"url":"\/8.9A-330\/"},{"id":87391,"section_number":"8.9A-601","catch_line":"Rights after default; judicial enforcement, consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes","order_by":null,"url":"\/8.9A-601\/"}],"refers_to":false,"permalink":{"id":283855,"object_type":"law","relational_id":84613,"identifier":"8.9A-105","token":"8.9A\/1\/1\/8.9A-105","url":"\/8.9A-105\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/8.9A-105\/","token":"8.9A\/1\/1\/8.9A-105","dublin_core":{"Title":"Control of electronic copy of record evidencing chattel paper","Type":"Text","Format":"text\/html","Identifier":"\u00a7 8.9A-105","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

a.<\/span> General rule: control of electronic copy of a record evidencing chattel paper. A secured party<\/span> has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

b.<\/span> Single authoritative copy. A system satisfies subsection (a) if the record or records evidencing the chattel paper are created, stored, and assigned in a manner that: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> 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; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the authoritative copy identifies the purchaser as the assignee of the record or records; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> the authoritative copy is communicated to and maintained by the purchaser or its designated custodian; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the purchaser; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> 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 <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

c.<\/span> One or more authoritative copies. A system satisfies subsection (a), and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as the assignee of the authoritative electronic copy; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> gives the purchaser exclusive power, subject to subsection (d), to: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> prevent others from adding or changing an identified assignee of the authoritative electronic copy; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> transfer control of the authoritative electronic copy. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

d.<\/span> Meaning of exclusive. Subject to subsection (e), a power is exclusive under subsection (c)(3)(A) and (B) even if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy, or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the power is shared with another person. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

e.<\/span> When power not shared with another person. A power of a purchaser is not shared with another person under subsection (d)(2) and the purchaser’s power is not exclusive if: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> the purchaser can exercise the power only if the power also is exercised by the other person; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> the other person: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

A.<\/span> can exercise the power without exercise of the power by the purchaser; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> is the transferor to the purchaser of an interest in the chattel paper. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

f.<\/span> Presumption<\/span> of exclusivity of certain powers. If a purchaser has the powers specified in subsection (c)(3)(A) and (B), the powers are presumed to be exclusive. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

g.<\/span> Obtaining control through another person. A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCONTROL OF ELECTRONIC COPY OF RECORD EVIDENCING CHATTEL PAPER (\u00a7 8.9A-105)\n\na. General rule: control of electronic copy of a record evidencing chattel\npaper. A secured party has control of an authoritative electronic copy of a\nrecord evidencing chattel paper if a system employed for evidencing the\nassignment of interests in the chattel paper reliably establishes the purchaser\nas the person to which the authoritative electronic copy was assigned.\n\nb. Single authoritative copy. A system satisfies subsection (a) if the record or\nrecords evidencing the chattel paper are created, stored, and assigned in a\nmanner that:\n\n 1. a single authoritative copy of the record or records exists which is\n unique, identifiable, and, except as otherwise provided in paragraphs (4),\n (5), and (6), unalterable;\n\n 2. the authoritative copy identifies the purchaser as the assignee of the\n record or records;\n\n 3. the authoritative copy is communicated to and maintained by the purchaser\n or its designated custodian;\n\n 4. copies or amendments that add or change an identified assignee of the\n authoritative copy can be made only with the consent of the purchaser;\n\n 5. each copy of the authoritative copy and any copy of a copy is readily\n identifiable as a copy that is not the authoritative copy; and\n\n 6. any amendment of the authoritative copy is readily identifiable as\n authorized or unauthorized.\n\nc. One or more authoritative copies. A system satisfies subsection (a), and a\npurchaser has control of an authoritative electronic copy of a record evidencing\nchattel paper, if the electronic copy, a record attached to or logically\nassociated with the electronic copy, or a system in which the electronic copy is\nrecorded:\n\n 1. enables the purchaser readily to identify each electronic copy as either an\n authoritative copy or a nonauthoritative copy;\n\n 2. enables the purchaser readily to identify itself in any way, including by\n name, identifying number, cryptographic key, office, or account number, as the\n assignee of the authoritative electronic copy; and\n\n 3. gives the purchaser exclusive power, subject to subsection (d), to:\n\nA. prevent others from adding or changing an identified assignee of the\nauthoritative electronic copy; and\n\nB. transfer control of the authoritative electronic copy.\n\nd. Meaning of exclusive. Subject to subsection (e), a power is exclusive under\nsubsection (c)(3)(A) and (B) even if:\n\n 1. the authoritative electronic copy, a record attached to or logically\n associated with the authoritative electronic copy, or a system in which the\n authoritative electronic copy is recorded limits the use of the authoritative\n electronic copy or has a protocol programmed to cause a change, including a\n transfer or loss of control; or\n\n 2. the power is shared with another person.\n\ne. When power not shared with another person. A power of a purchaser is not\nshared with another person under subsection (d)(2) and the purchaser’s\npower is not exclusive if:\n\n 1. the purchaser can exercise the power only if the power also is exercised by\n the other person; and\n\n 2. the other person:\n\nA. can exercise the power without exercise of the power by the purchaser; or\n\nB. is the transferor to the purchaser of an interest in the chattel paper.\n\nf. Presumption of exclusivity of certain powers. If a purchaser has the powers\nspecified in subsection (c)(3)(A) and (B), the powers are presumed to be\nexclusive.\n\ng. Obtaining control through another person. A purchaser has control of an\nauthoritative electronic copy of a record evidencing chattel paper if another\nperson, other than the transferor to the purchaser of an interest in the chattel\npaper:\n\n 1. has control of the authoritative electronic copy and acknowledges that it\n has control on behalf of the purchaser; or\n\n 2. obtains control of the authoritative electronic copy after having\n acknowledged that it will obtain control of the electronic copy on behalf of\n the purchaser.\n\nHISTORY: 2000, c. 1007; 2012, c. 155; 2024, c. 652.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}