(810 ILCS 5/7-106)
Sec. 7-106. Control of electronic document of title. (a) A person has control of an electronic document of title 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. (b) A system satisfies subsection (a), and a person is deemed to have control of an electronic document of title, if the document is created, stored, and assigned in such a manner that: (1) a single authoritative copy of the document |
| exists which is unique, identifiable, and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
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(2) the authoritative copy identifies the person
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(A) the person to which the document was issued;
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(B) if the authoritative copy indicates that the
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| document has been transferred, the person to which the document was most recently transferred;
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(3) the authoritative copy is communicated to and
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| maintained by the person asserting control or its designated custodian;
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(4) copies or amendments that add or change an
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| identified assignee of the authoritative copy can be made only with the consent of the person asserting control;
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(5) each copy of the authoritative copy and any copy
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| of a copy is readily identifiable as a copy that is not the authoritative copy; and
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(6) any amendment of the authoritative copy is
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| readily identifiable as authorized or unauthorized.
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(Source: P.A. 95-895, eff. 1-1-09.)
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