Code of Virginia (Last Updated:July 28, 2020) |
TITLE 8.7. Commercial Code - Warehouse Receipts, Bills of Lading and Other Documents of Title |
PART 1. General |
SECTION 8.7-106. Control of electronic document |
(1) A person has control of an electronic document 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, if the document is created, stored, and assigned in such a manner that: (a) a single authoritative copy of the document exists that is unique, identifiable, and, except as otherwise provided in subdivisions (c), (d), and (e), unalterable; (b) the authoritative copy identifies the person asserting control as: (i) the person to whom the document was issued; or (ii) if the authoritative copy indicates that the document has been transferred, the person to whom the document was most recently transferred; (c) the authoritative copy is communicated to and maintained by the person asserting control or his 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. 2004, c. 200 . |