Virginia Code 8.7-105.1: Reissuance in alternative medium
(1) Upon request of a person entitled under an electronic document, the issuer of the electronic document may issue a tangible document as a substitute for the electronic document if:
Terms Used In Virginia Code 8.7-105.1
- Document: means document of title as defined in the general definitions in Title 8. See Virginia Code 8.7-102
- Issuer: means a bailee who issues a document except that in relation to an unaccepted delivery order it means the person who orders the possessor of goods to deliver. See Virginia Code 8.7-102
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
(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 in substitution for an electronic document 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, the issuer of the tangible document may issue an electronic document 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 in substitution for a tangible document 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.
2004, c. 200.