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. (1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in items (4), (5), and (6), unalterable;
2. (2) the authoritative copy identifies the secured party as the assignee of the record or records;
3. (3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
4. (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. (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 revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

HISTORY: 1962 Code Section 10.9-105; 1966 (54) 2716; 1988 Act No. 494, Section 5; 1991 Act No. 161, Section 2(E); 2001 Act No. 67, Section 12.