ORS 77.1060 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 (1) 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 paragraphs

, (e) and (f) of this subsection, 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 a 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.

Assembly but was not added to or made a part of ORS chapter 77 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.