| (1) |
Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:
Terms Used In Utah Code 70A-7a-105- Issuer: means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. See Utah Code 70A-7a-102
- Person: means :Utah Code 68-3-12.5
| (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 of title in substitution for an electronic document of title 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 of title, the issuer of the tangible document may issue an electronic document of title 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 of title in substitution for a tangible document of title 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. |
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Enacted by Chapter 42, 2006 General Session
