Tennessee § 47-7-106 - Control of electronic document of title.

§ 47-7-106. 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), 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 (b)(4), (5), and (6), unalterable; The authoritative copy identifies the person asserting control as: The person to which the document was issued; or If the authoritative copy indicates that the document has been transferred, the person to which 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. Acts 2008, ch. 814, § 1. Compiler's Notes. This revised chapter 7 replaces former chapter 7, effective July 1, 2008. Former chapter 7, §§ 47-7-101 — 47-7-106 , 47-7-201 — 47-7-210 , 47-7-301 — 47-7-309 , 47-7-401 — 47-7-404 , 47-7-501 — 47-7-509 , 47-7-601 — 47-7-603 (Acts 1963, ch. 81, § 1 (7-101 — 7-106(1), 7-201 — 7-210, 7-301 — 7-309, 7-401 — 7-404, 7-501 — 7-509, 7-601 — 7-603); 2000, ch. 846, § 15), concerning the Uniform Commercial Code, documents of title, regarding warehouse receipts, bills of lading and other documents of title, was repealed by Acts 2008, ch. 814, § 1, effective July 1, 2008, which enacted this revised chapter 7. Effective Dates. Acts 2008, ch. 814, § 40. July 1, 2008. Cross-References. Delivery, § 47-1-201 . Document of title, § 47-1-201 . Form of negotiation and requirements of due negotiation, § 47-7-501 . Reissuance in alternative medium, § 47-7-105 .