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§ 7106. Control of electronic document of title

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial CodeEffective: June 16, 2008

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 13 Pa.C.S.A. Commercial Code (Refs & Annos)
Division 7. Warehouse Receipts, Bills of Lading and Other Documents of Title (Refs & Annos)
Chapter 71. General (Refs & Annos)
Effective: June 16, 2008
13 Pa.C.S.A. § 7106
§ 7106. Control of electronic document of title
Currentness
(a) Establishment.--A person has control of an electronic document of title if a system employed for evidencing the transfer of interests in the electronic document reliably establishes that person as the person to which the electronic document was issued or transferred.
(b) Manner.--A system satisfies subsection (a) and a person is deemed to have control of an electronic document of title if the document is created, stored and assigned in such a manner that:
(1) a single authoritative copy of the document exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5) and (6), unalterable;
(2) the authoritative copy identifies the person asserting control as:
(i) the person to which the document was issued; or
(ii) if the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
(3) the authoritative copy is communicated to and maintained by the person asserting control 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 person asserting control;
(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

2008, April 16, P.L. 57, No. 13, § 13, effective in 60 days [June 16, 2008].
13 Pa.C.S.A. § 7106, PA ST 13 Pa.C.S.A. § 7106
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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