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§ 1-9-105. Control of electronic chattel paper

Oklahoma Statutes AnnotatedTitle 12A. Commercial Code

Oklahoma Statutes Annotated
Title 12a. Commercial Code (Refs & Annos)
Article 9. Secured Transactions (Refs & Annos)
Part 1. General Provisions
12A Okl.St.Ann. § 1-9-105
§ 1-9-105. Control of electronic chattel paper
CONTROL OF ELECTRONIC CHATTEL PAPER
(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) of this section, and 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) 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

Laws 2000, c. 371, § 5, eff. July 1, 2001; Laws 2015, c. 374, § 2, eff. Nov. 1, 2015.
12A Okl. St. Ann. § 1-9-105, OK ST T. 12A § 1-9-105
Current with emergency effective legislation through Chapter 449 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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