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2010 Florida Statutes

Title XXXIX COMMERCIAL RELATIONS
Chapter 677 UNIFORM COMMERCIAL CODE: DOCUMENTS OF TITLE Entire Chapter
SECTION 105
Reissuance in alternative medium.
F.S. 677.105
677.105

Reissuance in alternative medium.

—
(1)

Upon request of a person entitled under an electronic document of title, the issuer of the electronic document may issue a tangible document of title as a substitute for the electronic document if:

(a)

The person entitled under the electronic document surrenders control of the document to the issuer; and

(b)

The tangible document when issued contains a statement that it is issued in substitution for the electronic document.

(2)

Upon issuance of a tangible document of title in substitution for an electronic document of title in accordance with subsection (1):

(a)

The electronic document ceases to have any effect or validity; and

(b)

The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.

(3)

Upon request of a person entitled under a tangible document of title, the issuer of the tangible document may issue an electronic document of title as a substitute for the tangible document if:

(a)

The person entitled under the tangible document surrenders possession of the document to the issuer; and

(b)

The electronic document when issued contains a statement that it is issued in substitution for the tangible document.

(4)

Upon issuance of an electronic document of title in substitution for a tangible document of title 1in accordance with subsection (3):

(a)

The tangible document ceases to have any effect or validity; and

(b)

The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.

History.
—

s. 1, ch. 65-254; s. 21, ch. 2010-131.

1
Note.
—

The word “in” was substituted for the word “is” by the editors.

Note.
—

s. 7-105, U.C.C.