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(810 ILCS 5/9-105)
(from Ch. 26, par. 9-105)
Control of electronic chattel paper.
(a) General rule: Control of electronic chattel paper. A secured party has
of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) Specific facts giving control. A system satisfies subsection (a) if the record or records comprising the chattel
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 amendments that add or change an
identified assignee of the authoritative copy can be made only with the consent 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 amendment of the authoritative copy is
readily identifiable as authorized or unauthorized.
(Source: P.A. 97-1034, eff. 7-1-13