2006 New York Code - Control Of Electronic Chattel Paper



 
  Section 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.

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