2006 Minnesota Statutes

336.9-105 MS 1998 [Repealed, 2000 c 399 art 1 s 140]
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.
History: 2000 c 399 art 1 s 5