Utah Code 70A-9a-105. Control of electronic chattel paper
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(1) A secured party has control of electronic chattel paper if a system employed by evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to whom the chattel paper was assigned.
Terms Used In Utah Code 70A-9a-105
- 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 :(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(2) A system satisfies Subsection
(1) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(2)(a) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in Subsections(2)(d) ,(e) , and(f) , unalterable;(2)(b) the authoritative copy identifies the secured party as the assignee of the record or records;(2)(c) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;(2)(d) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;(2)(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(2)(f) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.