1. (1) In this chapter:

   1. (a)

      1. (i) "Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under Section 70A-12-105.
      2. (ii) "Controllable electronic record" does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, electronic money, investment property, or a transferable record.
   2. (b) "Qualifying purchaser" means a purchaser of a controllable electronic record or an interest in a controllable electronic record that obtains control of the controllable electronic record for value, in good faith, and without notice of a claim of a property right in the controllable electronic record.

   3. (c) "Transferable record" has the meaning provided for that term in:

      1. (i) Section 201(a)(1) of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7021(a)(1); or
      2. (ii) Section 46-4-403.
   4. (d) "Value" has the meaning provided in Subsection 70A-3-303(1), as if references in that subsection to an instrument were references to a controllable account, controllable electronic record, or controllable payment intangible.
2. (2) The definitions in Chapter 9a, Uniform Commercial Code - Secured Transactions, of "account debtor," "controllable account," "controllable payment intangible," "chattel paper," "deposit account," "electronic money," and "investment property" apply to this chapter.
3. (3) Chapter 1a, Uniform Commercial Code - General Provisions, contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Enacted by Chapter 322, 2026 General Session