Maryland Statutes
Subtitle 1 - General Provisions
Section 9-105 - Control of Electronic Chattel Paper

(a)    A secured party has control 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)    A system satisfies subsection (a) if the record or records comprising the chattel paper are 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) of this section, 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.

Structure Maryland Statutes