2017 Kentucky Revised Statutes CHAPTER 355 - UNIFORM COMMERCIAL CODE Article 7 - Warehouse Receipts, Bills of Lading, and Other Documents of Title 355.7-105 Reissuance in alternative medium.
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355.7-105 Reissuance in alternative medium.
(1)
(2)
(3)
(4)
Upon request of a person entitled under an electronic document of title, the issuer of
the electronic document may issue a tangible document of title as a substitute for
the electronic document if:
(a) The person entitled under the electronic document surrenders control of the
document to the issuer; and
(b) The tangible document when issued contains a statement that it is issued in
substitution for the electronic document.
Upon issuance of a tangible document of title in substitution for an electronic
document of title in accordance with subsection (1) of this section:
(a) The electronic document ceases to have any effect or validity; and
(b) The person that procured issuance of the tangible document warrants to all
subsequent persons entitled under the tangible document that the warrantor
was a person entitled under the electronic document when the warrantor
surrendered control of the electronic document to the issuer.
Upon request of a person entitled under a tangible document of title, the issuer of
the tangible document may issue an electronic document of title as a substitute for
the tangible document if:
(a) The person entitled under the tangible document surrenders possession of the
document to the issuer; and
(b) The electronic document when issued contains a statement that it is issued in
substitution for the tangible document.
Upon issuance of the electronic document of title in substitution for a tangible
document of title in accordance with subsection (1) of this section:
(a) The tangible document ceases to have any effect or validity; and
(b) The person that procured issuance of the electronic document warrants to all
subsequent persons entitled under the electronic document that the warrantor
was a person entitled under the tangible document when the warrantor
surrendered possession of the tangible document to the issuer.
Effective: July 12, 2012
History: Repealed and reenacted 2012 Ky. Acts ch. 132, sec. 5, effective July 12, 2012.
-- Created 1958 Ky. Acts ch. 77, sec. 7-105, effective July 1, 1960.
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