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§ 9-105. Control of electronic chattel paper

West's Annotated Code of MarylandCommercial LawEffective: July 1, 2013

West's Annotated Code of Maryland
Commercial Law
Title 9. Secured Transactions (Refs & Annos)
Subtitle 1. General Provisions (Refs & Annos)
Effective: July 1, 2013
MD Code, Commercial Law, § 9-105
§ 9-105. Control of electronic chattel paper
Currentness
(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) A system satisfies subsection (a) 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) of this section, 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 amendments that add or change an identified assignee of the authoritative copy can be made only with the consent 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 amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

Credits

Added by Acts 1999, c. 282, § 2, eff. July 1, 2001. Amended by Acts 2012, c. 674, § 2, eff. July 1, 2013.
MD Code, Commercial Law, § 9-105, MD COML § 9-105
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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