Control of electronic copy of record evidencing

chattel paper.

CONTROL OF ELECTRONIC COPY OF RECORD EVIDENCING CHATTEL PAPER

(a) A purchaser has control of an authoritative electronic copy

of a record evidencing chattel paper if a system employed for

evidencing the assignment of interests in the chattel paper reliably

establishes the purchaser as the person to which the authoritative

electronic copy was assigned.

(b) A system satisfies subsection (a) of this section if the

record or records evidencing the chattel paper are created, stored,

and assigned in a manner that:

(1) a single authoritative copy of the record or records exists

which is unique, identifiable and, except as otherwise provided in

paragraphs (4), (5), and (6) of this section, unalterable;

(2) the authoritative copy identifies the purchaser as the

assignee of the record or records;

(3) the authoritative copy is communicated to and maintained by

the purchaser or its designated custodian;

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(4) copies or amendments that add or change an identified

assignee of the authoritative copy can be made only with the consent

of the purchaser;

(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 amendment of the authoritative copy is readily

identifiable as authorized or unauthorized.

(c) A system satisfies subsection (a) of this section, and a

purchaser has control of an authoritative electronic copy of a

record evidencing chattel paper, if the electronic copy, a record

attached to or logically associated with the electronic copy, or a

system in which the electronic copy is recorded:

(1) enables the purchaser readily to identify each electronic

copy as either an authoritative copy or a nonauthoritative copy;

(2) enables the purchaser readily to identify itself in any

way, including by name, identifying number, cryptographic key,

office, or account number, as the assignee of the authoritative

electronic copy; and

(3) gives the purchaser exclusive power, subject to subsection

(d) of this section, to:

(A) prevent others from adding or changing an identified

assignee of the authoritative electronic copy; and

(B) transfer control of the authoritative electronic copy.

(d) Subject to subsection (e) of this section, a power is

exclusive under subparagraphs (A) and (B) of paragraph 3 of

subsection (c) of this section even if:

(1) the authoritative electronic copy, a record attached to or

logically associated with the authoritative electronic copy, or a

system in which the authoritative electronic copy is recorded limits

the use of the authoritative electronic copy or has a protocol

programmed to cause a change, including a transfer or loss of

control; or

(2) the power is shared with another person.

(e) A power of a purchaser is not shared with another person

under paragraph 2 of subsection (d) of this section and the

purchaser's power is not exclusive if:

(1) the purchaser can exercise the power only if the power also

is exercised by the other person; and

(2) the other person:

(A) can exercise the power without exercise of the power

by the purchaser; or

(B) is the transferor to the purchaser of an interest in

the chattel paper.

(f) If a purchaser has the powers specified in subparagraphs

(A) and (B) of paragraph (3) of subsection (c) of this section, the

powers are presumed to be exclusive.

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r person:

(A) can exercise the power without exercise of the power

by the purchaser; or

(B) is the transferor to the purchaser of an interest in

the chattel paper.

(f) If a purchaser has the powers specified in subparagraphs

(A) and (B) of paragraph (3) of subsection (c) of this section, the

powers are presumed to be exclusive.

Oklahoma Statutes - Title 12A. Uniform Commercial Code Page 38

(g) A purchaser has control of an authoritative electronic copy

of a record evidencing chattel paper if another person, other than

the transferor to the purchaser of an interest in the chattel paper:

(1) has control of the authoritative electronic copy and

acknowledges that it has control on behalf of the purchaser; or

(2) obtains control of the authoritative electronic copy after

having acknowledged that it will obtain control of the electronic

copy on behalf of the purchaser.