Vermont § 285 - Transferable records

§ 285. Transferable records

• (a) In this section, “transferable record” means an electronic record that: (1) would be a note under 9A V.S.A. § 3—104 or a document under 9A V.S.A. § 7—102 if the electronic record were in writing; and (2) the issuer of the electronic record expressly has agreed is a transferable record. (b) A person has control of a transferable record if a system employed for evidencing
  the transfer of interests in the transferable record reliably establishes that person
  as the person to which the transferable record was issued or transferred. (c) A system satisfies subsection (b) of this section, and a person is deemed to have
  control of a transferable record, if the transferable record is created, stored, and
  assigned in such a manner that: (1) a single authoritative copy of the transferable record exists that is unique, identifiable,
  and, except as otherwise provided in subdivisions (4), (5), and (6) of this subsection,
  unalterable; (2) the authoritative copy identifies the person asserting control as: (A) the person to which the transferable record was issued; or (B) if the authoritative copy indicates that the transferable record has been transferred,
  the person to which the transferable record was most recently transferred; (3) the authoritative copy is communicated to and maintained by the person asserting control
  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 consent of the person asserting control; (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 authorized or unauthorized. (d) Except as otherwise agreed, a person having control of a transferable record is the
  holder, as defined in 9A V.S.A. § 1—201(b)(21), of the transferable record and has the same rights and defenses as a holder of an
  equivalent record or writing under Title 9A, including, if the applicable statutory
  requirements under 9A V.S.A. §§ 3—302(a), 7—501, or 9—308 are satisfied, the rights and defenses of a holder in due course,
  a holder to which a negotiable document of title has been duly negotiated, or a purchaser,
  respectively. Delivery, possession, and endorsement are not required to obtain or
  exercise any of the rights under this subsection. (e) Except as otherwise agreed, an obligor under a transferable record has the same rights
  and defenses as an equivalent obligor under equivalent records or writings under Title
  9A. (f) If requested by a person against which enforcement is sought, the person seeking to
  enforce the transferable record shall provide reasonable proof that the person is
  in control of the transferable record. Proof may include access to the authoritative
  copy of the transferable record and related business records sufficient to review
  the terms of the transferable record and to establish the identity of the person having
  control of the transferable record. (Added 2003, No. 44, § 1, eff. Jan. 1, 2004.)