30-9-125. (Effective July 1, 2001) Control of electronic chattel paper. A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
     (1) a single authoritative copy of the record or records exists that is unique, identifiable, and except as otherwise provided in subsections (4), (5), and (6), unalterable;
     (2) the authoritative copy identifies the secured party as the assignee of the record or records;
     (3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
     (4) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
     (5) 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
     (6) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

     History: En. Sec. 4, Ch. 305, L. 1999.