2012 Wisconsin Statutes & Annotations
409. Uniform commercial code — secured transactions.
409.105 Control of electronic chattel paper.

409.105  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:

409.105(1) (1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subs. (4) to (6), unalterable;

409.105(2) (2) The authoritative copy identifies the secured party as the assignee of the record or records;

409.105(3) (3) The authoritative copy is communicated to and maintained by the secured party or its designated custodian;

409.105(4) (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;

409.105(5) (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

409.105(6) (6) Any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

Effective date text 409.105 Control of electronic chattel paper. (1m) General rule: control of electronic chattel paper. 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.

Effective date text (a) A single authoritative copy of the record or records exists which is unique, identifiable, and, except as otherwise provided in pars. (d) to (f), unalterable;

Effective date text (b) The authoritative copy identifies the secured party as the assignee of the record or records;

Effective date text (c) The authoritative copy is communicated to and maintained by the secured party or its designated custodian;

Effective date text (d) 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;

Effective date text (e) 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

Effective date text (f) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

409.105 History History: 2001 a. 10, 416; 2011 a. 206.