The Vermont Statutes Online

Title 9A : Uniform Commercial Code

Article 012 : Controllable Electronic Records

• § 12—102. Definitions

  (a) In this article:

  (1) “Controllable electronic record” means a record stored in an electronic medium that can be subjected to control under section 12—105 of this title. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.

  (2) “Qualifying purchaser” means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.

  (3) “Transferable record” has the meaning provided for that term:

  (A) in section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7021(a)(1), as may be amended; or

  (B) as defined in 9 V.S.A. § 285.

  (4) “Value” has the meaning provided in subsection 3—303(a) of this title, as if references in that subsection to an “instrument” were references to a controllable account, controllable electronic record, or controllable payment intangible.

  (b) The definitions in Article 9 of this title of “account debtor,” “controllable account,” “controllable payment intangible,” “chattel paper,” “deposit account,” “electronic money,” and “investment property” apply to this article. (Added 2025, No. 17, § 10, eff. July 1, 2025.)