SECTION 677.106. Control of electronic document of title.

• (1) 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.
  (2) A system satisfies subsection (1), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in a manner that:

  (a) A single authoritative copy of the document exists which is unique, identifiable, and, except as otherwise provided in paragraphs (d), (e), and (f), unalterable;

  (b) The authoritative copy identifies the person asserting control as:

  1. The person to which the document was issued; or

  2. If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;

  (c) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;

  (d) 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;

  (e) 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

  (f) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

History.-s. 22, ch. 2010-131.

History.-s. 22, ch. 2010-131.