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2010 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 677 UNIFORM COMMERCIAL CODE: DOCUMENTS OF TITLE Entire Chapter
SECTION 106
Control of electronic document of title.
F.S. 677.106
677.106

Control of electronic document of title.

—
(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.

(2)

A system satisfies subsection (1), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in a manner that:

(a)

A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (d), (e), and (f), unalterable;

(b)

The authoritative copy identifies the person asserting control as:

1.

The person to which the document was issued; or

2.

If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;

(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.

History.
—

s. 22, ch. 2010-131.