(1) |
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. |
Terms Used In Utah Code 70A-7a-106
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Person: means :Utah Code 68-3-12.5
(2) |
A system satisfies Subsection (1), and a person is considered to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that:
(a) |
a single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in Subsections (2)(d), (e), and (f), unalterable; |
(b) |
the authoritative copy identifies the person asserting control as:
(i) |
the person to which the document was issued; or |
(ii) |
if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred; |
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(c) |
the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian; |
(d) |
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; |
(e) |
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 |
(f) |
any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. |
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Enacted by Chapter 42, 2006 General Session