The Florida Senate

679.1051  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 which 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 participation 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.--s. 1, ch. 2001-198.