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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 12A. UNIFORM COMMERCIAL CODE

  § 12A-1-9-105. Control of electronic chattel paper.  

Latest version.

  • 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) of this section, 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.

Added by Laws 2000, c. 371, § 5, eff. July 1, 2001.