Tennessee Code Annotated

Title 47: Commercial Instruments and Transactions

Chapter 9: Secured Transactions

Part 1: General Provisions

TCA 47-9-105: 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:

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

     (2)  the authoritative copy identifies the secured party as the assignee of the record or records;

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

     (4)  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;

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

History: [Acts 2000, ch. 846, § 1.]