                                 CODE OF VIRGINIA

REISSUANCE IN ALTERNATIVE MEDIUM (§ 8.7-105.1)

1. Upon request of a person entitled under an electronic document, the issuer of
the electronic document may issue a tangible document as a substitute for the
electronic document if:

   a. the person entitled under the electronic document surrenders control of the
   document to the issuer; and

   b. the tangible document when issued contains a statement that it is issued in
   substitution for the electronic document.

2. Upon issuance of a tangible document in substitution for an electronic
document in accordance with subsection (1):

   a. the electronic document ceases to have any effect or validity; and

   b. the person that 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.

3. Upon request of a person entitled under a tangible document, the issuer of
the tangible document may issue an electronic document as a substitute for the
tangible document if:

   a. the person entitled under the tangible document surrenders possession of
   the document to the issuer; and

   b. the electronic document when issued contains a statement that it is issued
   in substitution for the tangible document.

4. Upon issuance of an electronic document in substitution for a tangible
document in accordance with subsection (3):

   a. the tangible document ceases to have any effect or validity; and

   b. the person that 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.

HISTORY: 2004, c. 200.