Utah Code 70A-7a-105. Reissuance in alternative medium
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(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 :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5(1)(a) the person entitled under the electronic document surrenders control of the document to the issuer; and(1)(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) :
(2)(a) the electronic document ceases to have any effect or validity; and
(2)(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:
(3)(a) the person entitled under the tangible document surrenders possession of the document to the issuer; and
(3)(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) :
(4)(a) the tangible document ceases to have any effect or validity; and
(4)(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.