ORS 79A.1050 UCC 9-105. Control of electronic copy of record evidencing chattel paper

A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.

A system satisfies subsection (1) of this section if the record or records evidencing the chattel paper are created, stored and assigned in a manner that:

A single authoritative copy of the record or records exists that is unique, identifiable and, except as otherwise provided in paragraphs (d), (e) and (f) of this subsection, unalterable;

The authoritative copy identifies the purchaser as the assignee of the record or records;

The authoritative copy is communicated to and maintained by the purchaser 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 purchaser;

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.

A system satisfies subsection (1) of this section, and a purchaser has control of an authoritative electronic copy of a record evidencing chattel paper, if the electronic copy, a record attached to or logically associated with the electronic copy, or a system in which the electronic copy is recorded:

Enables the purchaser readily to identify each electronic copy as either an authoritative copy or a nonauthoritative copy;

Enables the purchaser readily to identify itself in any way, including by name, identifying number, cryptographic key, office or account number, as the assignee of the authoritative electronic copy; and

Gives the purchaser exclusive power, subject to subsection (4) of this section, to:

Prevent others from adding or changing an identified assignee of the authoritative electronic copy; and

Transfer control of the authoritative electronic copy.

Subject to subsection (5) of this section, a power is exclusive under subsection (3)(c) of this section even if:

The authoritative electronic copy, a record attached to or logically associated with the authoritative electronic copy or a system in which the authoritative electronic copy is recorded limits the use of the authoritative electronic copy or has a protocol programmed to cause a change, including a transfer or loss of control; or

The power is shared with another person.

A power of a purchaser is not shared with another person under subsection (4)(b) of this section and the purchaser’s power is not exclusive if:

The purchaser can exercise the power only if the power also is exercised by the other person; and

The other person:

Can exercise the power without exercise of the power by the purchaser; or

Is the transferor to the purchaser of an interest in the chattel paper.

If a purchaser has the powers specified in subsection (3)(c) of this section, the powers are presumed to be exclusive.

A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if another person, other than the transferor to the purchaser of an interest in the chattel paper:

Has control of the authoritative electronic copy and acknowledges that it has control on behalf of the purchaser; or

Obtains control of the authoritative electronic copy after having acknowledged that it will obtain control of the electronic copy on behalf of the purchaser.