(1) The electronic document ceases to have any effect or validity; and
(2) The person that procured issuance of the tangible document warrants to all subsequent persons entitled under the tangible document that the warrantor was a person entitled under the electronic document when the warrantor surrendered control of the electronic document to the issuer.
(1) The person entitled under the tangible document surrenders possession of the document to the issuer; and
(2) The electronic document when issued contains a statement that it is issued in substitution for the tangible document.
(1) The tangible document ceases to have any effect or validity; and
(2) The person that procured issuance of the electronic document warrants to all subsequent persons entitled under the electronic document that the warrantor was a person entitled under the tangible document when the warrantor surrendered possession of the tangible document to the issuer.
Source: L. 2006: Entire article R&RE, p. 471, § 2, effective September 1. L. 2007: IP(d) amended, p. 366, § 4, effective August 3.
Prior Uniform Statutory Provisions: None.
Other relevant law: UNCITRAL Draft Instrument on the Carriage of Goods by Sea Transport Law.
Purpose:
Cross Reference: Sections 7-106, 7-402, and 7-601.
Definitional Cross Reference:
"Person entitled to enforce," Section 7-102.