2004 Minnesota Statutes

  336.9-105 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 paragraphs (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. 

    HIST: 2000 c 399 art 1 s 5