Current as of: 2010 (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 which the electronic document was issued or transferred. (b) A system satisfies subsection (a) of this section, and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that: (1) A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in subdivisions (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 its 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 any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and (6) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. (2006-112, s. 25.) ________________________________________________________________________
North Carolina Laws: Warehouse Receipts, Bills of Lading, etc. (UCC Article 7)
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