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The Florida Senate

2010 Florida Statutes

F.S. 679.1051

Control of electronic chattel paper.

A secured party has control of electronic chattel paper if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:


A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subsections (4), (5), and (6), unalterable;


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


The authoritative copy is communicated to and maintained by the secured party or its designated custodian;


Copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the participation of the secured party;


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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.


s. 1, ch. 2001-198.