1. (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.

2. (b) A system satisfies subsection (a) of this section, 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. (1) A single authoritative copy of the document exists which is unique, identifiable and, except as otherwise provided in subdivisions (4), (5) and (6) of this subsection, unalterable;

   2. (2) The authoritative copy identifies the person asserting control as:

      1. (A) The person to which the document was issued; or
      2. (B) If the authoritative copy indicates that the document has been transferred, the person to which the document was most recently transferred;
   3. (3) The authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;
   4. (4) 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;
   5. (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. (6) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.

(P.A. 04-64, S. 6.)