North Carolina § 25-7-106 - Control of electronic document of title.

§ 25-7-106. Control of electronic document of title.

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. A system satisfies subsection (a) of this section, 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: A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in subdivisions (4), (5), and (6) of this subsection, unalterable; The authoritative copy identifies the person asserting control as: The person to whom the document was issued; or If the authoritative copy indicates that the document has been transferred, the person to whom the document was most recently transferred; The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian; 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; 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 Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized. History (2006-112, s. 25.)