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Searching 2023-2024 Session

The Vermont Statutes Online

The Vermont Statutes Online have been updated to include the actions of the 2023 session of the General Assembly.

NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.

Title 9A : Uniform Commercial Code

Article 007 : Documents of Title

(Cite as: 9A V.S.A. § 7-106)
  • § 7—106. Control of electronic document of title

    (a) 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.

    (b) A system satisfies subsection (a) 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:

    (1) a single authoritative copy of the document exists which 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 document was issued; or

    (B) if the authoritative copy indicates that the document has been transferred, the person to which the document 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 amendments 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 amendment of the authoritative copy is readily identifiable as authorized or unauthorized. (Added 2015, No. 51, § B.3, eff. June 3, 2015.)